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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.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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