Payment Protection Insurance, or as it’s more commonly referred to, PPI, has been available for many years. Sold by financial institutions PPI has often been mis-sold, meaning if you’ve purchased it you could be entitled to claim back PPI compensation.
One of the main elements of the PPI mis-selling scandal was with credit cards and store cards. Credit cards have long been regarded as a cash generator for credit card providers, with expensive credit extended with often, arguably unjust fees enforced for missed payments, modified credit levels and a variety of other measures. The introduction of payment protection insurance as yet another product for credit card customers to buy made them far more profitable for card providers, that is until the full extent of the PPI mis-selling scandal came to light.
What has since been proven to be the case is that credit card issuers had been selling PPI coverage as compulsory, or without the prior knowledge or agreement of the consumer within the credit card deal. This resulted in extra monthly fees by way of PPI payments, while giving minimal in terms of real benefit. Though PPI itself can be useful, almost all those affected by the PPI mis-selling situation discovered it to represent poor value for money, especially when purchased from the credit card supplier, and also found them confusing and an often unwanted product.
Regarding credit card consumers, PPI has become generally viewed as a waste of money. The payment levels on individual credit cards are generally at manageable levels, inspite of the high levels of interest payable, and generally the dangers of a temporary default are met, whilst affecting your credit history, shouldn’t result in excessive personal hardship. It’s debatable within these circumstances whether an generally prudent customer would contemplate PPI to offer a beneficial extra, not to mention those thousands of credit card consumers who have been unknowingly sold PPI, or who have been misled into believing it had been an essential step in validating the credit card suitability.
Mis-selling of PPI policies has impacted countless thousands of borrowers across the country. While the Financial Services Authority (FSA), the Office of Fair Trading (OFT) as well as the High Court have all stated that PPI mis-selling is not acceptable, there still remains several customers with outstanding claims for PPI compensation.
If you think you may have been mis-sold PPI cover and would like to make a PPI claim for compensation, complete the contact form today and an advisors will call you back to discuss your case.
Remember it’s a no win no fee service, meaning if you don’t win you case that it won’t cost you a penny.