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PPI on Store Cards

There really is something quite bizarre when the PPI scandal has even infiltrated merchants in the UK. It has long been known that some lenders and banks, in the UK, have been mis sold PPI cover with loans across the board. Everything from mortgage loans to payment protection cover is a product of mis sold PPI but when it was found some of the UK's leading merchants had mis sold PPI on store cards, the matter has truly gotten out of hand.

What is PPI on Store Cards?

Payment protection insurance, PPI on store cards is actually just like any other over priced payment protection insurance with the difference being it is on a store credit card as opposed to a Visa or Discover. This type of insurance does work a bit differently in that a onetime premium may not be attached to the card; rather, the premium may be prorated monthly based on the outstanding balance amount. In either case, PPI is often overpriced and can have a high number of exemptions. The principle behind PPI store cards is that in the event the cardholder is unable to make timely payments, the insurance cover will make them for a pre-specified maximum length of time.

Discovering Mis Sold PPI Store Cards

The usual way in which card holders discover that they have been mis sold PPI store cards is when they go to make a claim when lo and behold, no cover. Imagine that! And all this time they were thinking that they would be protected if they lost their job or injured their back while carrying something heavy. Funny how the merchant failed to tell their faithful customers that back injuries are excluded.

Or even more absurd, try going to your HR department when you need to be out for an extended period of time due to an illness and tell them that you cannot receive sick pay, even if it is only half your normal wage, because your PPI on your store card won't kick in. These are just crazy examples of how exclusive PPI credit cards really are. However, take heart. The government mandated that borrowers could file a payment protection claim and lenders would need to refund PPI to all those who were mis sold PPI cover. On the bright side - that includes merchants!


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