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How to Cancel Payment Protection on Credit Cards

About 40% of the 20 million PPI policies that currently exist within the UK are attached to mortgage loans or credit cards. Payment protection insurance (PPI) is a type of coverage that is supposed to provide assistance with repayments in the event that a policyholder is unable to make payments due to unforeseen unemployment, injury, or illness. However, although 7 million PPI policies are sold annually, only 15% of PPI policyholders that attempt to receive benefits from their policy will be approved for repayment assistance. PPI is commonly misrepresented by lenders that attempt to sell policies for no other reason than to earn commission. If you're wondering how to cancel payment protection on credit cards, continue reading.

The Controversy Surrounding PPI Claims

A PPI claim is an action filed against a party that misrepresented a PPI policy, whether it be a private lender, broker, or bank. If your claim is successful then you'll receive a full refund that is equal to the amount of monthly repayments that have been allocated towards a PPI policy unnecessarily. Although some feel that the payment protection insurance company should be responsible for approving more claims from their policyholders, the insurance companies argue that it is the job of the lender to ensure that only eligible individuals are enrolled for policies, and that coverage is recommended based on clients' needs and preferences.

How to Cancel Payment Protection Payments

Canceling future payment protection payments and reclaiming all of the funds already spent on the PPI policy is as simple as contracting the assistance of Belmont Thornton. Simply fill out our claim form and you'll receive an expeditious response within 24 hours pertaining to your case. If you've been wondering how to cancel payment protection on credit cards, you've probably thought of contacting your credit card company. While it may be possible to have future payments canceled by simply contacting the credit card company, it may be much more difficult to receive a full refund if you're not even sure how to cancel payment protection, or whether you're able to.

How to Cancel Payment Protection on Credit Cards

Many cardholders contact the card issuer immediately after noticing a suspicious surcharge or fee on their monthly statement, only to be put on hold for an extended period of time and ultimately have their requests denied. The fastest, most convenient and most affordable way to file a claim for mis sold PPI is to contact The PPI Claims Company. Fortunately, since various prominent banks have been fined by the Financial Services Authority (FSA) it is becoming easier for consumers to reclaim PPI payments with the help of a qualified PPI claim company like Belmont Thornton. If you've been wondering how to cancel payment protection on credit cards, consider the advantages of having your claim represented by a professional claim company that is experienced in matters related to PPI. For further information contact the claims team on 0207 471 2000.

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