Claiming back payment protection on credit cards
If you have taken out payment protection insurance on a credit card and feel that it was mis-sold to you, you are entitled to make a claim for compensation. A refund will consist of the premiums you have paid into the plan plus any interest that was paid on these premiums.
PPI has been routinely mis-sold by banks and lenders for a variety of different reasons. If the cost of the policy was not properly explained, if you were self-employed or not working at the time, or if you had existing cover then you may have a valid claim. There are a range of reasons why PPI may not have been suitable for you.
Things to bear in mind when claiming back PPI on a credit card:
If your claim for compensation is successful and you have an outstanding balance on your credit card or your account is in arrears, any compensation amount awarded will typically be used by your lender to reduce the outstanding balance. Should this result in a surplus you would then receive the balance by cheque or directly into your bank account.
What to do next:
If you are unsure about what to do or would like a claims company like Simplicity Claims to assist you with making a claim, contact us by completing our online claim form and we’ll let you know whether we can handle your claim on your behalf.
We operate on a success fee basis and this is only applied in the event of a successful claim. Our charge is 25% plus VAT of any compensation amount that we recover on your behalf.
