Belmont Thornton Logo
Claim Back Loan Insurance

PPI on Credit Cards

We have all heard so much about payment protection insurance as it relates to loans of any type but we very rarely seem to hear about PPI on credit cards. Actually, we should be hearing a lot more about this particular segment of the PPI scandal simply because for a good number of years many lenders who issued credit cards widely sold payment protection insurance. In the UK alone there are literally millions of PPI policies in force at any given time and a good number of those are PPI on credit cards. Unfortunately, mis sold PPI is just as prevalent on credit cards as it is on personal loans, home loans, hire purchase loans. PPI on credit cards works a bit differently than it does on loans but it can have just as damaging effects.

How PPI Works

When a consumer takes out a loan at the bank, for example, the lsales person who is selling PPI adds the total premium to the loan and amortises payments over the term of the loan, with interest of course. But PPI on credit cards is handled differently in that the amount due is a percentage of the amount of the outstanding balance. Therefore, as credit card balances fluctuate from month to month, every month the premium will be different in most cases. However, PPI on credit cards is still consistent with loans of other types in that the cover is extremely expensive but often offers little in the way of benefits. For this reason credit card PPI that the lender misrepresents or adds without informing you is mis sold payment protection the same as it would be on a mortgage loan. The only real difference is in the way the premiums work.

Claiming Back Charges for PPI on Credit Cards

Also similar to the manner in which you would claIm back mis sold PPI from banks and other lenders, you would need to file a claim directly with the issuer of the credit card. This can pose a bit of a problem in a couple of different areas. First, unlike a bank where you do business, the issuer of a credit card very well may not be local to you. As well, you will need to know how much to claim back on PPI you have paid. Unless you have every single bill in hand that you have received since you got the cards, you may not have a figure to claim! Whilst some credit card issuers may indeed charge a flat rate for PPI cover, most often PPI is based on a preset percentage of the amount being borrowed.

Since there are a number of variables when filing a mis sold PPI in credit cards claim, many cardholders use a claims management company such as Belmont Thornton, Ltd. - Belmont Thornton. If you have been mis sold PPI on credit cards, talk to a member of the claims team today to get started claiming back PPI. Phone 0207 471 2000.

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 Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

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