Find out more about credit card PPI

Posted on September 9, 2012 by Canary Claims someone signing a credit card agreement

Do you have a credit card? Or owned one in the last ten years? If so you may have heard about credit card PPI. Whether you use your credit card to the max or just have it in your wallet for a rainy day then you have more than likely been offered credit card PPI or you may have heard payment protection insurance which is the same thing.

If you have been offered credit card PPI then you are now entitled to claim it back due to the banks and lenders losing a case against mis-sold PPI. Mis-sold PPI can be anything from the banks not giving their customers enough specific information regarding payment protection or being quite pressurising towards their customers and also making out that credit card PPI was compulsory. Also in many cases, the protection has automatically been added to peoples credit card balance without the consent of the customer beforehand.

Credit card PPI is offered to customers to protect their payments should they ever have difficulty in making repayments which yes at the time you probably feel that this is the safest option when taking on a credit card but what customers don’t understand and is not explained in depth is that there is an extremely slim chance they will ever need to use the protection at all so end up paying out money on something they will more than likely never use and its not a small amount of money either. People have been paying up to 30% of there loan amount just in credit card PPI and with this, thousands of people have already claimed or made a start to reclaim thousands of pounds in credit card PPI.

If you do have a credit card but unsure whether you have credit card PPI then it’s worth taking a look at a statement where it will inform you by stating payment protection or payment insurance. If you’re still unsure then give your credit card lender a call who will let you know. If you know you have it and any of the examples of mis-sold protection sound familiar then now is the time to claim back your credit card PPI.