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SpinDistribute.com Article Directory

The following article was published in our article directory on January 12, 2011.
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Credit Card Payment Protection

Article Category: Legal

Author Name: Isabella Raize

Credit card payment protection has recently been exposed as one of the biggest scams of the financial industry. In the UK alone, figures show more than 70% of UK adult population had been sold this policy. What is this policy anyway? Why is there so much controversy over a fine print most didn't even know existed until the news of the scam broke open?

Credit card payment protection is an insurance policy taken out by credit card holders to cover them in the event they are unable to pay the balance on their credit cards because of unemployment, accident, sickness, death, or other circumstance which may prevent them from earning a salary . Credit card payment protection is also sometimes known as Payment Protection Insurance or PPI.

As a financial instrument, credit card payment protection isn't an outright fraud . It is legal and aboveboard. The problem though, is that the banks' motives have always been questionable . You know that anytime profits are concerned, the less than pious and more amoral of us will do anything to amass more money. The problem with PPI is that of the 72% adult population of UK who has this policy, 70% have had those policies mis-sold to them by way of deceit. Most never even knew they had this policy, as most banks automatically attach this policy on all loans or credit cards taken out. What is even more egregious is that in cases where customers do notice this policy is attached to their loans or to their credit card applications and question the banks, they are told that the policy is mandatory for the loans/credit cards to be approved. Some aren't even informed of the policy and are just told that the loan is "protected" without mentioning the cost or the policy.

Mis-selling the policy is encouraged and made worse by the fact that commissions on sales of the policies are huge, couple that with the fact that almost all profits from the loans taken out come from the policy and not from the interest in the loans themselves, and the financial industry had the perfect recipe for a scam. Customers themselves were left defenseless as even those who were aware of the policies and made claims were almost, always denied of their claims.

In the case of credit cards, payment protection insurance is even more atrocious. On top of the interest payments you are paying for the use of the card and the servicing of your credit, you are paying an additional fee for the policy. For a coverage that would more than likely be denied in case, you tried to claim it! The practice is so abhorrent that when it was revealed, several companies have been fined by the Financial Services Authority and 95% of the claims made by customers have now been upheld by the Financial Ombudsman Services.

So what can you do as a consumer who has been victimized by this scam? Consumers who have been mis-sold a credit card payment protection insurance policy can initiate a claim by complaining to the bank, lender, or provider who sold them the policy. For those of you who find going through paperwork and legal processes tiring and confusing, you can get the services of a claims assistance company. Most of these companies do not charge upfront fees and only charge a fee in case of successful claims, with most charges being as low as 20% of the total claims collected.

Keywords: reclaiming ppi premiums, benefits of reclaiming ppi, claim back loan insurance, claiming back payment protection insurance, compensation claims management, credit card payment protection, income payment protection insurance, loan protection insurance, mortgage payment protection insurance, ppi complaints process

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