Belmont Thornton Logo
Claim Back Loan Insurance

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.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide