PPI Credit Card Claims

PPI Credit Card Claims
PPI Credit Card Claims If you have or have had a credit card then there’s a good chance you will have had payment protection insurance arranged on it. Many of these payment protection policies were missold, which means that you may be entitled to claim compensation. Many people did not realise that payment protection insurance had been added to their credit card and monthly payments were being charged. We can help you to reclaim £££'s pounds that are sat in your credit card statements, whether you have a credit card debt at the moment or not. A survey for the consumers' association suggests that nearly 10 million people have a PPI policy with their credit cards. But 13% - 1.3 million - bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved. Which? said people were wasting their money buying any form of PPI policy. "Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed," said Doug Taylor of Which? "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," he added. This was rejected by the British Bankers Association (BBA), who said the insurance was a valuable "plan B". "Taking out PPI is not a condition for agreeing to provide the borrowing facility and people are free to shop around if they want to," a BBA spokesperson said. " In 2008, a mystery shopping exercise carried out by the FSA showed improvements in staff making it clear to customers that cover is optional and new rules which came into force in July tighten the PPI regime even further," the spokesperson added. PPI is designed to ensure that people can still repay their loans, such as credit card payments or mortgages, if they fall ill or become unemployed. PPI on Credit Cards Criticism Consumer bodies such as Which? and Citizens Advice have long campaigned against the selling of PPI, describing it as little more than a protection racket run by the banks to boost their profits. In June 2008 the Competition Commission calculated that customers were being overcharged for the insurance policies each year because of a lack of competition at the point of sale. Meanwhile the main financial regulator, the Financial Services Authority (FSA), has fined 11 financial organisations in the past two years for mis-selling the insurance. A high-profile example was that of the Liverpool Victoria friendly society - now called LV - which was fined £840,000 earlier this year. It's staff had tagged on the cost of PPI insurance to the quotes it gave to 14,500 customers who had asked for personal loans - but without telling them it was doing this. The Office of Fair Trading (OFT) has also criticised PPI policies for frequently exaggerating the level of cover on offer. PPI on Credit Cards Survey Despite the barrage of bad publicity over the past few years, and the increased regulatory scrutiny, PPI polices were still widely sold. Cover for credit card repayments is the second most common form of PPI sold. Which?'s survey of 2000 adults in the UK found that 32% of those with credit cards had also bought a PPI policy as well. Of those, 13% said they believed that taking the cover was a condition of being given the card, or that their card application was more likely to succeed if they did so. We can help you to reclaim £££'s pounds that may be sat in your credit card statements, whether you have a credit card debt at the moment or not. Call us on: 0800 410 1214 or email: joe@financialreclaims.co.uk TEXT YOUR NAME and CLAIM TO 07957 883403 NOW!! Renaissance business finance is a trading name of Financial Reclaims Limited who are regulated by the Ministry of Justice in respect of regulated claims management activities. Our authorisation number is CRM20246 and our registration is recorded on the Ministry of Justice website www.claimsregulation.gov.uk Tags: PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims

PPI Credit Card Claims

If you have or have had a credit card then there’s a good chance you will have had payment protection insurance arranged on it. Many of these payment protection policies were missold, which means that you may be entitled to claim compensation.

Many people did not realise that payment protection insurance had been added to their credit card and monthly payments were being charged.

We can help you to reclaim £££'s pounds that are sat in your credit card statements, whether you have a credit card debt at the moment or not.

A survey for the consumers' association suggests that nearly 10 million people have a PPI policy with their credit cards.

But 13% - 1.3 million - bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved.

Which? said people were wasting their money buying any form of PPI policy.

"Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed," said Doug Taylor of Which?

"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," he added.

This was rejected by the British Bankers Association (BBA), who said the insurance was a valuable "plan B".

"Taking out PPI is not a condition for agreeing to provide the borrowing facility and people are free to shop around if they want to," a BBA spokesperson said.

" In 2008, a mystery shopping exercise carried out by the FSA showed improvements in staff making it clear to customers that cover is optional and new rules which came into force in July tighten the PPI regime even further," the spokesperson added.

PPI is designed to ensure that people can still repay their loans, such as credit card payments or mortgages, if they fall ill or become unemployed.

PPI on Credit Cards Criticism

Consumer bodies such as Which? and Citizens Advice have long campaigned against the selling of PPI, describing it as little more than a protection racket run by the banks to boost their profits.

In June 2008 the Competition Commission calculated that customers were being overcharged for the insurance policies each year because of a lack of competition at the point of sale.

Meanwhile the main financial regulator, the Financial Services Authority (FSA), has fined 11 financial organisations in the past two years for mis-selling the insurance.

A high-profile example was that of the Liverpool Victoria friendly society - now called LV - which was fined £840,000 earlier this year.

It's staff had tagged on the cost of PPI insurance to the quotes it gave to 14,500 customers who had asked for personal loans - but without telling them it was doing this.

The Office of Fair Trading (OFT) has also criticised PPI policies for frequently exaggerating the level of cover on offer.

PPI on Credit Cards Survey

Despite the barrage of bad publicity over the past few years, and the increased regulatory scrutiny, PPI polices were still widely sold. Cover for credit card repayments is the second most common form of PPI sold.

Which?'s survey of 2000 adults in the UK found that 32% of those with credit cards had also bought a PPI policy as well.

Of those, 13% said they believed that taking the cover was a condition of being given the card, or that their card application was more likely to succeed if they did so.

We can help you to reclaim £££'s pounds that may be sat in your credit card statements, whether you have a credit card debt at the moment or not.

Call us on: 0800 410 1214

email: joe@financialreclaims.co.uk

TEXT YOUR NAME and CLAIM TO

07957 883403 NOW!!

Renaissance business finance is a trading name of Financial Reclaims Limited who are regulated by the Ministry of Justice in respect of regulated claims management activities. Our authorisation number is CRM20246 and our registration is recorded on the Ministry of Justice website www.claimsregulation.gov.uk

Tags: PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims, PPI Credit card Claims