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Credit Card Charge Claims

Although there has been a lot of information circulating in regards to claiming back payment protection insurance, little appears to be known about how credit card charge claims work. At least, this is the case with most consumers. The first thing which should be understood is how credit card payment protection insurance is charged in order to better understand what you can expect when you claim back credit card charges.

The Cost of Credit Card PPI

Many people find that calculating the cost of credit card payment protection insurance is more difficult to understand than calculating the cost of PPI on loans. Although you may not realize it, credit card charge claims rely heavily on these calculations in order to determine the amount of PPI refunds. When you take out a loan and you are told that payment protection insurance costs 26% of the loan amount you can easily figure out how much you will be paying with a one-time premium.

For instance, if you had a personal loan in the amount of £10,000 and you knew that you were being charged 26% for PPI, then of course the cost of payment protection would be £2,600 and the total loan amount would be £12,600. That's just simple math. However, credit card payment protection insurance premiums are based on the running balance brought forward from month-to-month. Credit card charge claims then, would need to calculate how much you had paid on month-to-month premiums from the beginning of cover through to when you file a claim.

Accessing Your Records

There are several ways in which you can try to determine exactly how much you have paid over time on PPI for credit cards. If you ask your credit card issuer for a statement for the time period from when you began paying protection insurance through to the past statement, they would be able to provide that information for you. This is what you would use when filing credit card charge claims. Many times consumers who choose to file through claims management companies authorise the claims team to access that information on their behalf.

Whether you choose to access this information on your own or have your claims team contact the card issuer, you will certainly need to have these figures. Credit card charge claims on missed sold payment protection are filed with the intention of getting a refund of money you have paid to date. This is why these calculations are vital to your claim.

Belmont Thornton has a knowledgeable claims team that can help you calculate what is due in a PPI refund before filing the claim for you. You will have a good idea of what to expect in the team will make every effort to get that refund for you. We work on a no win no fee* basis and your initial consultation is free of charge. Call the claims team today on 0207 471 2000 and let our team put you on the fast track to filing your PPI claim.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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