Credit card PPI

• Credit card PPI

Credit card PPI

Almost 10 million people across the UK have been sold payment protection insurance with a credit card. But according to Which?, the country's consumer watchdog, 13 per cent of PPI customers took out the insurance because they were misled into believing that the policy was compulsory or that it improved their chances of being approved for a credit card.

These are just some of the unfair practices that have been used by many lenders to convince borrowers into taking out payment protection cover.

The good news is that if you have been mis sold payment protection cover, you are entitled to claim back all of the costs of your PPI policy.

How much can I claim?

Unlike PPI on loans or mortgages where you pay a set fee per month plus interest, the cost of PPI on credit cards is based on how much you borrow from the card lender. The average charge is 79p per month per £100 borrowed. However, depending on the figure your lender charges, the amount you borrow and the length of your PPI charges, the long-term cost can easily total up to hundreds, if not thousands of pounds.

If you think you have been mis sold PPI with your credit card by any of the major UK lenders in the last 10 years then you may be able to claim back all of the costs of your policy from your credit card company. Start your claim for PPI compensation today by filling in our simple PPI claim enquiry form.