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Credit Card Payment Protection Plans

Having payment protection on a loan of any kind sounds like a great thing because we all fear running up bills worrying that one day we may not be able to pay them. Credit card companies know this as it is only human nature, except for a small portion of the population who live life carelessly. With that in mind they sell us credit card payment protection plans that are touted as being able to make monthly repayments in the event that we suddenly lose our jobs or become too ill to work. It sounds like a plan - or does it?

What They Are Not Telling You

For a time you make payments on your credit card payment plan until one day you lift a box whilst doing inventory and injure your back. The doctor says you need to be out of work for at least 6 to 8 weeks at which point you start worrying about paying your bills. Of course you aren't worried about making your credit card payments because you have a credit card payment protection plan. Of course the insurance company denies your payment protection claim and when you question why they say for two reasons. In the first place you have sick pay coming from work, even if it is only two-thirds your normal salary. Secondly, payment protection insurance (PPI) never covers back injuries.

Digging Deeper

At this point you are probably questioning how credit card payment protection plans can deny a claim based on the fact that you a) get sick pay and b) hurt your back. Back injuries are amongst the most common job related injuries and one of the leading causes for being out of work. That's exactly why they don't cover them and this is why the Citizens Advice Bureau calls payment protection insurance one of the biggest scams to ever hit the lending industry. Credit card payment protection plans fall into this category and they, too, have the intent of providing as little cover as they can get away with. In fact, less than 13% of all policyholders would actually be eligible to draw on PPI benefits.

Is There Anything You Can Do?

This is the point where indignation boils over into full blown anger and you are questioning why you have been making payments for two years on a credit card payment protection plan that denied the one and only claim you have ever filed. Is there anything you can do? Actually, there are a few things you can do about this and it begins with filing a claim against the lender (credit card issuer) that mis sold PPI to you. A claims management team such as Belmont Thornton, Belmont Thornton, has a team of claims specialists who can file the claim for you and thereafter monitor its progress to ensure that the lender meets the deadline timely. If it should be denied, and chances are it may, the claims team can take your claim all the way through appeals if needed.

While the team is working on your claim, you can spend some time contacting consumer awareness groups and government to let them know how PPI was misrepresented to you when you were sold the cover. If enough UK consumers continue to complain, at some point government may put an end to mis sold payment protection once and for all. In the meantime, get that claim filed. Call the claims team on 0207 471 2000 to get on the fast track and your claims packet will be in the post within just about 24 hours.

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