Belmont Thornton Logo
Claim Back Loan Insurance

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!

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