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Credit Card Payment Protection Fraud

Since the Citizens Advice Bureau proclaimed payment protection insurance to be the biggest 'racket' to ever hit the lending industry in the UK, other groups are going so far as to call mis sold PPI on credit cards the 'credit card payment protection fraud'. Whilst many might contend that fraud is a bit harsh, it's really arguing semantics. If the intention of the credit card lender was to make a profit irrespective of the needs and wants of the consumer then arguably you could call it fraud! In fact, financiers have gone to prison for less and this has left many questioning why the penalties are so light when the racket is so all encompassing.

If You Have Been Affected by Credit Card Payment Protection Fraud

Somehow reclaiming PPI doesn't seem like enough if you have been hit hard by mis sold PPI, whether it was in connection with credit cards, mortgage loans, personal loans, automobile loans or even overdraft protection. Consumers are up in arms and not ready to soften the blow by calling a racket anything less than fraudulent financial activity. Many consumer advocate groups are likening the trauma of being mis sold PPI as akin to being violated or being the victim of identity theft. After all, credit card payment protection fraud initiated by credit card issuers set out to take what wasn't theirs by any means available. Somehow the term 'racket' seems to gentle. But again, perhaps that's arguing semantics.

Is Government Intervention Enough?

Over the years there have been a number of unethical business practices which have come into question and government stepped up with legislation to curtail those activities. It can be said that this is happening today in terms of credit card payment protection fraud but there are still record numbers of claims pouring in to have credit card bank charges refunded because of mis sold PPI. It only takes a brief glance at the latest report released by the Financial Services Authority to see that other segments of the lending industry are working towards amending their sales techniques and he number of PPI claims substantiate their efforts. In fact, they have been commended for those efforts by FSA. On the other hand, the credit card industry is showing signs of increased activity in regards to an increase in PPI claims which begs the question. Is government intervention enough to curtail credit card payment protection fraud?

If government doesn't seem to have a handle on the problem as yet then where are consumers left in all of this? Filing a claim to have mis sold PPI refunded sounds ludicrous when you consider that you are going up against the very credit card issuers who appear to be snubbing their noses at PPI legislation with what is now being called the 'credit card payment protection fraud'. For this reason, many consumers are choosing to file through reputable claims management companies such as Belmont Thornton, Belmont Thornton, because they feel an added security in knowing they have experts behind them in their pursuit of justice. Getting a PPI refund may seem trivial in light of all that is happening, but it brings vindication to the consumer who was charged exorbitant premiums for a relatively nonexistent cover. To speak with a member of the PPI claims team about filing your mis sold PPI claim, call 0207 471 2000.


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