PPI Mis-selling on Credit Cards
Reclaim your credit card Payment Protection Insurance
Credit Card PPI sales were huge. Which? conducted a survey that estimated nearly 10 million people have been sold a PPI Policy with a Credit Card. It also found that a staggering 1.3 million took out PPI with their Credit Card because they were misled; believing that the policy was compulsory or that it improved their chances of being accepted.
The good news!
The good news is that you too may have been mis-sold PPI. If so, you are entitled to claim back all of the costs of your policy. Fill in out the PPI Claim Form on the right or call Freephone 08000 461 826 to speak to one of our experienced advisors.
How much can I claim?
How much could Credit Card PPI cost you? Unlike PPI on Loans or Mortgages where you usually pay a set fee per month, plus interest, on Credit Card PPI, the fee is based on how much you borrow. This is how much of your balance is left unpaid each month. The average charge is 79p per month per £100 borrowed. The average balance of £5,000 would cost you over £470 a year. Depending on the figure your lender charges, the amount you borrow and the length of your PPI charges, this can easily add up to PPI Claims of £1000's for some.
Was your PPI mis-sold?
Credit Card Payment Protection Insurance was originally sold to protect customers in cases where they lost their job, had an accident or became too ill to work. If you fall into one of the following categories, then you may not be protected and you were probably mis-sold your policy:
When you took out your PPI, if you were self employed, retired, a student or unemployed then you are not likely to be covered.
Many of those who take out PPI are already covered by an existing policy. A common example of this is if you are a Civil Servant which includes members of the Armed Forces, Police Officers, Nurses and other Public workers. This means you did not need it.
Told your policy was conditional?
PPI is Optional; no policy should ever be conditional with a credit card, loan or mortgage. If you were told that it was or that having the PPI would improve your chances of getting your card, then you were probably mis-sold.
Pressured into taking out your policy?
Any form of pressure to purchase a PPI policy without assessing your needs correctly is an example of mis-selling.
Don't even know you have PPI?
Thousands of those who have a Credit Card PPI policy don't even know they have it.
Size does not matter
It doesn't matter what the size of your Credit Card PPI claim is, big or small. The majority of cases are dealt with in-house. Claims that are disputed are sent to the Financial Ombudsman Service (FOS) where we will help fight your corner against the company that mis-sold you your Credit Card PPI.
Mis-sold your PPI policy with your credit card?
Here at Gladstone Brookes, we have dealt with 44,600 claims for mis-sold PPI in 2011. 97%* of our customers would use our services again. We claimed back over £108m in 2011.
If you've been sold PPI with your Credit Card by any financial institution in the last 10 years, which may include, Abbey, Barclays, HSBC, Egg, RBS and you feel it may have been mis-sold, either fill in our PPI claim form or call Freephone 08000 461 826. Gladstone Brookes can help you start your claim today.
For a final word on Credit Card PPI here's a quote from Doug Taylor of Which?
"Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed."
"In this time of economic uncertainty, people are effectively throwing away £970 million each year, when they should be encouraged to seek independent financial advice about protecting their finances as a whole."
Back to PPI Mis-Selling Examples.
- "I found the service so easy and straight forward, everything was explained so simply so I understood, there was no legal jargon."
- "Gladstone Brookes is second to none, they can be trusted implicitly, will get all that's due to you without any hassle at all..."
- "Gladstone Brookes was excellent, I am very satisfied with their services."