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Credit Card Charges Claims

One of the major complaints with credit card payment protection is that the premiums can be a bit confusing. This translates into a real problem when trying to claim back PPI and you are in need of determining how much you have paid into credit card charges. You would almost need to have a degree in finance to understand the monthly rates as opposed the annual rates and then how much of your premium will be based your previous month's balance.

Minimal Benefits

The formula goes on and on but in the end it doesn't make much difference because the amount of benefits you might be able to claim are minimal in comparison to what you have been paying month after month. Unfortunately, the operative word is 'might' be able to claim, which leads to the real reason so many people are initiating a credit card charges reclaim and that is because of the lack of cover.

Conditions and Exclusions

As is the case with loan payment protection insurance, there are so many conditions and exclusions in the 'small print' of the policy that very few people ever qualify for benefits when they need to call on them. This is another area where various credit card issuers tend to be modelled after one another. Try to claim benefits because you are out of work due to a back injury or mental stress and see where it gets you. Realistically, the only place you will go is to the nearest PPI claim company to file for credit card charges claims.

Similar Costs amongst Lenders

Somehow the formula for calculating the cost of credit card payment insurance seems to make sense amongst card issuers because they all follow a similar formula. However, that's where the similarity ends. Credit card charges are comparable but the benefits surely aren't! Some policies pay 10% of the balance brought forward for a total of 12 months per claim whilst other policies only pay 5% of the monthly balance for that same period. The Citizens Advice Bureau, amongst other consumer advocate groups, notes that there appears to be a consensus in pricing but such a wide divergence in cover.

Confusing Terminology

Claiming back bank charges can be a disturbing process if you don't understand what all those charges mean on your monthly credit card statement. In fact, some people believe that this is how credit card issuers have gotten away with mis sold payment protection for so long. Everything is masked in 'industry standard language' which the lay person simply doesn't comprehend. But all is not lost as there is a way to effectively file credit card charges claims and that would be to hire a professional third party company to act on your behalf.

Once you have spoken with a member of the Belmont Thornton PPI claims team you will see that it pays to have an expert on your side. They understand all those charges and hidden fees and can get to the crux of the matter within moments. If you have been mis sold payment protection then you can feel secure in knowing that a credit card charges reclaim is possible because someone is there to represent you when dealing with the card issuer/lender.

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