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Refund of Credit Card Charges

Payment protection insurance on credit cards works a bit differently than it does on other types of loans so getting a refund of credit card charges that resulted from mis sold PPI can be a bit tricky. If you are trying to reclaim bank charges there are a few things you should know before filing a credit card claim on mis sold payment protection insurance.

The Difference between Loan Protection and PPI on Credit Cards

When payment protection is attached to a loan there is a onetime premium that is added to the amount being borrowed when taking out the loan. For example, if you were borrowing £100,000 to purchase a home and the cost of PPI was 45%, then £45,000 would be added to the £100,000 that you were borrowing and the whole amount would be amortised over the term of the loan. Each month the borrower would be paying not only toward the principal of £145,000 but also interest on that amount as well.

When seeking a refund of credit card charges, you need to understand that there is not a onetime premium. Each month the premium is based on the outstanding balance (principal) carried forward from the previous month which means that the amount you pay changes from month to month. In order to file a claim with the credit card company to refund credit card charges, it is necessary to calculate what you have paid to date. Since each month is a different amount, these calculations can be tricky.

How to Claim PPI for a Refund of Credit Card Charges

When reclaiming PPI on credit cards, you need to file the claim with the card issuer. Many people make the mistake of trying to file with Visa or Discover or whatever logo is on the front of the card. Actually, most banks and other financial institutions issue the card and they would be the entity that would refund credit card charges if your claim is honoured.

Quite often the combination of confusing premiums and who the claim should be filed with is just enough to frustrate the cardholder, keeping him or her from filing a claim. This is one of the main reasons why so many UK credit card holders use the services of a claims management company to handle a mis sold PPI claim on credit cards. Getting the card issuer to refund credit card charges can be placed in their hands so that you only need to supply pertinent details whilst letting the claims team do the work on your behalf.

Filing a mis sold PPI claim is never as easy as it should be, but more so when filing against a credit card issuer. Belmont Thornton, Belmont Thornton, has successfully won thousands of claims and has a claims team on call to answer any questions you may have in regards to credit card PPI claims. Simply call 0207 471 2000 to speak with a member of the team and you can be on the fast track to that refund of credit card charges you shouldn't have been paying.


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