Credit Card Payment Protection – Claim it back!
Thousands of people have taken out Payment Protection Insurance (PPI) on their credit cards because they thought their application was more likely to be accepted if they did.
Approximately 9.8 million people have credit cards with PPI attached, according to a survey. Of these about 13 per cent (or 1.3 million) thought that buying the PPI was a condition of the sale or that it would boost their chances of receiving the credit card.Another 28 per cent of these people said that their credit card provider had told them that taking PPI was a good idea even though many policies have a wide range of exclusion clauses and are difficult to claim upon.
PPI is sold alongside credit cards, loans, finance agreements and mortgages to cover repayments if people are off work because of illness or unemployment.
Obviously, what the banks didn’t say was that most of the time it didn’t cover you. Surprise Surprise