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Claiming Back Payment Protection on Credit Cards

If you've recently noticed a strange charge pertaining to an insurance policy on your monthly credit card statement, you might be paying for a payment protection insurance (PPI) policy unknowingly. In fact, many cardholders don't even realise what mis sold PPI is all about until they've paid hundreds of pounds towards the policy and the insurance company denies their claim due to alleged ineligibility. After being denied repayment assistance, claiming back payment protection on credit cards is often the only way to reclaim some of the funds spent on the policy during times of need. A PPI claim facilitated by Belmont Thornton PPI Claim Company can help you receive adequate compensation for all of the money spent on a PPI policy.

Annual PPI Statistics

Every year approximately 7 million PPI policies are taken out, resulting in the generation of approximately £5.5 billion in premiums for insurance companies and lenders that are involved in the underwriting of these policies. About one third of individuals that file a PPI claim are actually claiming back payment protection on credit cards. There are currently an estimated 20 million PPI policies active within the United Kingdom alone, with approximately 40% of them being attached to credit cards or mortgage loans. Sadly, the majority of cardholders that file a claim against PPI will be denied assistance, regardless of whether they've already paid a significant amount towards the policy. By utilising the professional assistance of Belmont Thornton you can begin claiming back payment protection on credit cards, and avoid becoming yet another negative PPI statistic.

The Excessive Cost of PPI Policies

A typical PPI policy can cost anywhere from 13-56% of the total loan amount, however, credit card PPI usually costs between 79p-£1.50 per hundred pounds outstanding on the balance. On an outstanding balance of £1,000 this would be between £7.90 and £15 per month, that's between £94.80 and £180 per year. Thus, someone that has been making repayments for several years may want to consider claiming back payment protection on credit cards, rather than continuously making payments with a small chance of receiving repayment assistance in times of need. In addition, cardholders are forced to pay for multiple PPI policies if they have several credit cards, as a single policy will not provide cross coverage.

Questions to Ask about Credit Card PPI Policies

If you are already in the process of claiming back payment protection on credit cards, you'll want to ensure that you do not apply for any new cards that include questionable PPI policies. Be sure to inquire about the types of repayment scenarios that are eligible for PPI coverage, as well as whether the policy will cover an authorized user or the spouse of the cardholder. It is also important to determine the annual costs of the PPI policy, and whether or not the policy rates are fixed or adjustable. Since most PPI policies carry adjustable rates, it is important to ask how often these rates are subject to change. Fortunately, even if your credit card company provides inaccurate or misleading answers to the aforementioned question, claiming back payment protection on credit cards is as simple as contacting Belmont Thornton for a free consultation on a no-win no fee * PPI claims case.


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