PPI Claims for Credit Cards
If you have had a credit card in the last 6 years, you may have been mis-sold PPI. PPI was an insurance policy designed to cover your credit card repayments if you became unable to meet them, if, for instance, you were made redundant or took ill. However, these policies were often mis-sold – making them all but useless to most customers.
PPI Claims Solicitors Glasgow, Scotland – Credit Card
Many credit card companies including banks mis-sold PPI policies when selling credit cards. Misselling has been broadly defined as selling PPI to someone who does not need, want or ask for it.
In some cases, customers were told that taking PPI would enhance their chances of getting the card, or that it was mandatory to their application. In the vast majority of cases, neither of these statements was true, meaning customers were let paying for a useless insurance policy as well as the interest on their card.
Where credit card PPI differs from other types of Payment Protection Insurance, is that the total amount repayable often depends on how much you borrow. Whereas loan and mortgage customers paid fixed amounts each month, Credit Card PPI customers paid a ‘pence in the pound’ figure on their borrowing. On average, the charge for PPI was between 78p and £1 per month for each £100 borrowed, including interest. This obviously mounts up very quickly.
A large percentage of credit card customers were informed that PPI was either mandatory, or that it would aid their chances of getting the card. However, PPI is, was, and always has been optional. It is an insurance policy designed to cover your loan or credit card repayments in the event you are unable to work.
If you were led to believe that PPI was essential to your application, or you were mis-sold for any of the reasons listed above, get in touch with us now.
CBC Solicitors - Expert PPI Claim Lawyers Glasgow, Scotland
If you have any questions about making a credit card payment protection insurance claim in Scotland or would like to make an appointment to talk about your situation, please contact Colin Carr on 0141 647 9851. Alternatively, fill in our online enquiry form.