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Credit Card Payment Protection Scam

Since 2005 the number of PPI complaints reaching the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) has been steadily increasing year after year. In fact there have been so many complaints in the recent two years that consumer advocate groups have taken on stronger language when confronting the issue. What was once being referred to as the 'payment protection racket' is now being referred to as a scam and one segment of the lending area is on the forefront of abuses being reported. Those companies issuing revolving lines of credit are now being accused of perpetrating the 'credit card payment protection scam'.

Why Is Mis Sold PPI Being Referred to as a Scam?

Under normal conditions you probably wouldn't hear people calling mis sold cover on credit cards the 'credit card payment protection scam' but these are far from normal statistics. Consider the fact that in 2005 the FOS reported receiving 833 complaints for PPI refunds whereas by the year 2010 they registered 49,196 complaints, many of which were against credit card payment insurance. The FOS noted that other segments of the lending industry had leveled off to some extent but credit card PPI complaints were still significantly on the rise. It is no wonder it is being referred to as the credit card payment protection scam.

What Is Being Done about Mis Sold PPI?

Since it appears as though government intervention has raised public awareness of the problem, consumers now want to know what is being done about mis sold PPI. It would be a logical conclusion that if government has passed stronger laws governing the sale of payment protection insurance the problem would probably decrease but this is not being evidenced. So what is being done about the credit card payment protection scam and what can consumers do to protect themselves? Actually, government has recently passed legislation that makes it illegal to sell PPI alongside a loan until 14 days have passed. This eliminates PPI being tacked on against the borrower's knowledge to a great extent. Cardholders are still being urged to file for a PPI refund if they feel they have been a victim of the credit card payment protection scam.

The Best Way to File for a PPI Refund

Since consumers are often at a loss as to how to file for a PPI refund, the government has been working closely with third party companies to facilitate complaints about mis sold policies. PPI claims management companies such as Belmont Thornton, Belmont Thornton, are working closely with the FSA and the FOS to assist in bringing more complaints to a satisfactory end. In their most recent report, the FOS stated that lenders are denying at least 60% of all PPI claims they receive, of which the FOS decides in favour of the claimant every three out of four upon appeals. This process can be confusing and time consuming which is why filing through a third party such as Belmont Thornton relieves consumers of the frustrations of dealing with bureaucracy.

If you feel that you have been affected by the credit card payment protection scam you can call the Belmont Thornton claims team on 0207 471 2000. A member of the claims team would be happy to discuss with you the process of filing mis sold PPI and can have a claims packet in the post to you within just 24 hours on the fast track. There is no need to agonize alone when the claims team can file for you. Give us a call today.

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