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Claiming Back Credit Card Insurance

No matter how you look at it lenders get you coming and going. If they are not misselling payment protection on loans that you take out they are certainly going to get you by misselling you payment protection insurance on your credit cards. It is a huge money making scam which lenders across the board are using in the UK and as a result more and more people are claiming back credit card insurance payments. If you are unsure how to file PPI claims the following information may prove helpful.

How Did the Problem Ever Get So Huge?

No one knows exactly how payment protection insurance took old so quickly in the lending industry but we can all see the damage that it has done. Borrowers who are claiming back credit card insurance are among those who are claiming back payment protection on loans and even those were claiming back payment protection against overdraft fees. Even though we don't know where the problem began we do know how the solution took hold. The Citizens Advice Bureau began getting complaints and the mid part of the last decade and by the year 2006 had launched a huge campaign against lenders for mis-selling PPI. Largely through their efforts government established specific rules surrounding PPI reclaim procedures and mandated that lenders review all cases of payment protection insurance attached to loans.

What Can Consumers Do to Protect Their Rights?

The first thing consumers can do to protect the rights is to go about claiming back credit card insurance and claiming back any other type of mis-sold payment protection insurance as well. This will obviously it lenders where it hurts the most, in their coffers. The sad part about this is that they made no qualms about taking your money from you but they sure don't like to give it back when it has been proven that they mis-sold PPI cover to you. However, claiming back credit card insurance is only the beginning of what you can do to protect your rights. You can also refuse to purchase payment protection insurance on any loan, credit card, bank account or any other financial product. No loan is ever dependent upon purchasing payment protection insurance and the law is quite clear on this. If you wish you can also join other consumers and consumer advocate groups in working to ban payment protection insurance in the UK.

Claiming back credit card insurance may be a little more difficult than you believe because obviously you're going to have to fight lenders to get your money back. Some of them may prove your claim right away whilst others may deny it forcing your hand so that you would have to file an appeal with the Financial Ombudsman Service. Because there is often so much involved in claiming back credit card insurance many cardholders simply choose to utilize the services of a claims management company. If you find one that works on a no win no fee basis then you are that much further ahead. Be sure to check the credentials as well as their track record before contracting with the claims team. If you would like further information on this subject call 0207 471 2000.

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