PPI mis-selling saga and credit cards and store cards
One of the principal areas of the Payment Protection Insurance (PPI) mis-selling scandal was with credit cards. Credit cards have long been considered a main source of income for banking institutions, with pricey short-term credit extended with generally unjust fees charged for missed payments, changed credit levels as well as a variety of similar measures. The introduction of payment protection insurance as one more product line for credit card clients to purchase made them far more rewarding for card providers – up until the true degree of the PPI mis-selling allegations were revealed.
What has since been shown to be the case, credit card providers had been selling PPI policy cover as necessary, or devoid of the prior knowledge or approval from the consumer included in the credit card bundle. This approach resulted in extra monthly fees in the form of PPI premiums, while supplying very little in terms of tangible benefit. Though PPI itself can be useful, the majority of those affected by the PPI mis-selling situation have found it to represent poor value for money, especially when purchased from the lender, and as a complicated, often unwanted item.
For credit card customers, PPI is actually commonly seen as a waste of money. The payment amounts on individual credit cards tend to be set at manageable amounts, despite the high levels of interest payable, and commonly the dangers of temporary default which is then met, while damaging to your credit score, shouldn’t result in excessive personal difficulty. It is debatable in these situations as ti if an ordinarily prudent customer would contemplate PPI to represent a valuable extra, not to mention the thousands of credit card customers who had been sold without their knowledge PPI, or who were misled into believing it had been a necessary step for verifying the credit card sign up.
The mis-selling of PPI policies has involved countless thousands of consumers across the country. Whilst the Financial Services Authority, the OFT and also the High Court have all stated that PPI mis-selling is not acceptable, there remains numerous consumers with unresolved claims for PPI compensation.
If you believe you may have been mis-sold PPI cover, get in touch with us today to and one of our specialist advisers will call you back to discuss your case. Remember we offer a no win no fee service meaning if we take on your case and don’t win that it won’t cost you a penny.
To get more advice on mis-sold HBOS PPI claims or other financial institutions and banks visit PPI Claims Online
