Many people have failed to claim their PPI refund simply because they do not have enough information. The following guideline should quickly address your questions, enabling you to claim your refund.
Maple Leaf Financial will review your Credit Card PPI Claim and will be happy to discuss your individual concerns and requirements. Call Maple Leaf for a no obligation discussion : 0800 7747624
Understanding Credit Card PPI
• What Is PPI? PPI stands for Payment Protection Insurance. It is an insurance policy on your credit cards that will make payments for you in the event of unemployment, sickness or injury. These insurance policies have been widely mis-sold, and you may be entitled to a refund.
• What Does Mis-Sold Mean? Mis-sold is interpreted as being sold a policy from the credit issuing company under the guidelines that you to have the insurance to obtain credit, or you were not told that you could obtain this coverage elsewhere for a betterneeded price.
• Are All PPI Policies Bad? The product itself is actually very good. However, you would be much better off purchasing this type of cover on your own. Policies sold directly through the card companies or banks are very expensive.
• Are There Deadlines For When The Insurance Was Purchased? No. Insurance purchased in this manner during the last six years will automatically qualify for a claim, even if the credit line is now paid off. Insurance purchased over six years ago, and the account is still active, will also easily qualify for the claim. Accounts that are closed, and the policy was started over six years ago, can still claim, but will be required to fill out additional paperwork.
• How Much Can I Get Back If I Claim? The amount of money that you receive back will be based on the amount of money you paid into the policy. You will also receive an adjustment for the amount of interest that you paid on your accounts as a result of the premium being added to your balance.
• How Many Accounts Can I Claim On? Any and all of the accounts you have had that had PPI on them will qualify for a claim.
• I Do Not Remember All Of My Accounts – What Should I Do? The easiest way to find out all of your active accounts for the last six years is to obtain a copy of your credit report. Your credit report will have a list of all your accounts, even those that have been paid off, that were active over the last six years.
• How Can I Tell If I Had PPI On My Account? When you examine the paperwork associated with the account, you should look for terms such as: “protection plan,” “payment cover policy,” “card protection plan,” “retail payment protection.” Any type of mention of insurance policy will signal that you have been sold PPI.
• I Do Not Have My Paperwork – What Should I Do? You can contact your credit issuing company and ask for a copy of your paperwork, or ask outright if you have protection coverage.
Many Scenarios Revolve Around Can I Claim If… The Following Questions And Answers Should Be Able To Help
• Can I Claim If I Paid My Balance In Full Each Month? Yes. PPI premiums would have been charged to your monthly balance before you made the payment each month.
• Will Making A Claim Affect My Credit Report? No. Making a reclaim will not affect your credit file or your account.
• I Have Already Claimed Loan PPI- Can I Now Claim Credit Card PPI? Yes. You are entitled to make a claim against every account you have been wrongfully charged PPI premiums on.
• Can I Claim PPI If I Am Still Paying On The Debt? Yes. In most cases, however, the bank will refund your PPI claim by removing that amount from the balance that you owe.
• Can I Claim If I AM No Longer A Customer Of That Bank? Yes. You do not have to be a current customer to claim. The only qualifications are that you purchased the policy through them when you established your credit line.
• I Am In An IVA/Debt Management Plan – Should I Claim? Yes. You still are entitled to make a claim for being mis-sold a policy. You should take note, however, that nay claim you make will most likely be applied to your debt.
• My Lender Was Bought Out – Can I Claim? Yes. When a company purchases another company, it assumes the liability of the old company’s transactions. You can still make a claim.
• My Lender Is Out Of Business – Can I Claim? Yes. If your lender was regulated under the FSA, you can make a claim through the Financial Services Compensation Scheme.
• Can I Claim If My Spouse Or Parent Has Died? Yes. The claim becomes part of the estate of the deceased. You can file a claim, and it will be distributed accordingly.
• I Live Abroad – Can I Still Claim? Yes. Your current residence does not affect your PPI purchase.
Credit Card PPI Claim Rejections
Understanding Ombudsman, Payments And Rejections
• The Bank Rejected My Claim – Should I Seek Help From The Ombudsman? A most definite yes. The bank is not the final decision maker with PPI claims. If you believe you have been wrongfully denied a PPI claim, you should seek the services of the Ombudsman. In most cases, they are able to receive a ruling in favor of the consumer.
• How Long After I Make A Claim Should I Seek Help From The Ombudsman? You should wait a minimum of eight weeks before contacting the Ombudsman, unless the lender suggests you seek assistance prior to that deadline.
• I Have Been Offered A Goodwill Payment – What Does This Mean? Businesses very rarely like to admit that they have done wrong. An over of a goodwill payment is a way of trying to end the complaint against the company without the process having to continue. You can accept this offer if you feel it is enough compensation. You can also reject the offer and continue with your claim if you feel you are not receiving a fair amount.
• Will I Have To Pay Tax On My Claim? Yes, but only on the interest you receive. You will not pay taxes on the full amount of the claim.
Credit Card : Resource
FCA deems Credit Card Insurance as Mis-Sold
The FCA has ruled that the insurer CPP and 13 other Banks mis-sold credit card insurance. This ruling will see approximatly seven million credit card holders recieve compensation for unnecessary insurance policies that were added to their monthly repayments.
This may also affect another 18 million credit card holders who renewed their credit cards between 2005 and 2011. The FCA ruled that CPP and the Banks sold these insurance policies that customers did not need and did not properly explain the product.
Mis-Sold Credit Card Insurance & ID Theft
In the latest mis-selling scandal, the FCA has announced that 13 Banks have agreed a compensation arrangement for the mis-selling of Credit Card Insurance and Identity theft protection.
The FCA concluded that some seven million people were sold this insurance on Credit Cards that was never needed. This mis-selling took place on cards between 2005 and 2011, however this does not take into account credit cards that werer renewed during this period which could take the figure upto around 18 million card holders.
How To Make A Credit Card Complaint
Making a credit card complaint may initially seem overwhelming but it doesn’t have to be. There are a lot of ways that credit card complaints can be handled, and most of them don’t take more than a few minutes of time.
There are many different types of credit card complaint that a customer might wish to embark upon, so how these credit card complaints are handled depends on the nature of the complaint. Different credit card companies handle complaints differently, so the end result cannot be predicted, but most credit card companies do want to please their customers.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
- Swaps (IRHP) Determining the Level of Redress - November 3, 2014
- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014