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Credit Card PPI

PPI stands for Payment Protection Insurance. PPI is an insurance policy designed to cover your monthly credit card payments (or in some cases, a percentage of them) should you become unemployed or if you are unable to work because you fall ill or suffer an accident.

PPI cover will have been purchased at the time of applying for a credit card.

As well as credit cards, PPI is also taken out alongside loans, mortgages and finance for high value items.

What are the problems associated with credit card PPI?

Research by the Financial Services Authority (FSA) has found millions of cases where credit card PPI has been mis-sold. The FSA has found several reasons why credit card PPI was mis-sold, but found it was mostly down to customers not receiving the correct information at the time of applying for a credit card.

Despite the problems surrounding its sale, PPI is not a bad product...

Credit card payment protection insurance or any type of PPI cannot simply be written off as a bad product. For those who need it, credit card PPI is a good product. As it is designed to cover your credit card payments in case of accident, sickness or unemployment, PPI is an ideal product if you have no other insurance measures in place.

Customers should see protecting their debts as a priority, they shouldn’t however just settle for the PPI policy on sale when applying for a credit card. Credit card PPI is a product worth having but customers should remember they are free to shop around for the best value product.

How was credit card PPI mis-sold?

Research by the FSA has found cases of credit card PPI policies being added to finance without the customer being made aware. In other cases, it was implied PPI was compulsory and by taking out a policy a customer would have a better chance of being approved for a credit card.

The worst cases found by the FSA, were those where the customer had been sold a PPI policy which they would never be eligible to claim on. Ineligibility to claim could be due to the customer being unemployed, retired or self-employed at the time of the policy being taken out or having a medical condition or existing illness that could stop them from working in the future.

Some policies have upper age limits, usually 65 or 70; the FSA found cases where the terms of these policies were not met and were sold to people above these age limits, leaving them ineligible to claim.

Claim back your mis-sold credit card PPI payments

iSmart Claims are UK specialists in Claims Management, Mis-sold credit card PPI claims and reclaiming unfair bank charges.

If you have been mis-sold PPI with your credit card, we can reclaim your payments.

We have already helped over 100,000 customers, recovering more than £20 million in claims on their behalf.

Think smarter, our average refund for a mis-sold credit card PPI policy is £2200!

We deal with banks, the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) on a daily basis, this contact gives us the knowledge and expertise to begin the process to recover your credit card PPI payments today!

Fill out our online application form and our specialist team will begin working on recovering any PPI payments you have made right away.

For more information, you can call one of our specialist team members on 0800 043 3025