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Do I Need Payment Protection on My Credit Card

One of the most exciting times for a person who has just established credit or rebuilt a credit score after having been down is when qualifying for a credit card. These are the people lenders seem to target when it comes to selling payment protection insurance and it leaves many of us wondering, "Do I need payment protection on my credit card?" You may be surprised to know that even if you purchase the insurance you may not be able to use it anyway! So few people actually qualify for cover yet lenders ask them to purchase it without a thought for the ethical considerations behind what they are doing.

Why Lenders Are Pushing Payment Protection Insurance

It should come as no surprise to learn that lenders actually make money by selling payment protection insurance alongside loans and with credit cards. Many market analysts have said that PPI was devised to provide greater benefits for the lender (credit card company) than for the cardholder. Not only are credit cards usually issued with high rates of interest, but when payment protection is added they increase their profits significantly. Do I need payment protection on my credit card? Let's take a look at what you get for the money.

Very Few People Eligible to Draw Benefits

One of the chief complaints which many people have about payment protection is that very few people can draw on the policy when they have lost their jobs or become sick enough to be out of work for an extended period of time. There are so many exclusions that only 13% of the people in the UK could actually use the cover which means that most of the money brought in is pure profit for the lender. Do I need payment protection on my credit card if I will never be able to use it? That shouldn't be too difficult to answer. Of course you don't need something you can't use, so why pay for it? Unfortunately, if you have already been mis sold payment protection for your credit card the only way to stop paying for it is to file a payment protection claim. After understanding all that you can't be wondering "Do I need payment protection on my credit card?"

If you have found that you are carrying payment protection on your credit card and feel that you have been mis sold, contact the claims team at Belmont Thornton, Belmont Thornton. We can help you file a claim for a refund of what you have paid in to date. Once you speak with a member of the team you will be sent a claim packet to complete and send back by return post. We will file the necessary claims paperwork with your lender and stay with your claim so that you can go about your business with the satisfaction of knowing a professional claims team is on the job. To speak with the claims team call 0207 471 2000 or leave contact information by filling out the short contact form on our website. A claims representative will be with you within 24 hours and you'll be on your way to getting the answers you deserve.


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