CPS Blog
PPI Reclaims it’s not just on your Loans …
Posted by Ron Amoore on October 12, 2011
As everyone rushes to claim back their Payment Protection Insurance (PPI) on their loans now that the Banks have lost their Judicial review challenge, a very important consideration that is often overlooked is the mis sold PPI on their credit cards. Often times the PPI refunds we receive for our clients with PPI added to their credit cards is of a higher amount than it is for clients who have PPI on loans.
This is because the monthly credit card PPI fee actually deflects a client’s payment from going to reduce their card balance. So you their customer do not pay down your card balance as quickly. This means they can continue to charge their standard annual percentage rate of between 20% and 30% on your balance for longer. So when we seek a PPI refund for our clients we not only get the credit card companies such as MBNA, Barclaycard and Egg to refund the client for the actual PPI payments they have made since they opened the account, we also ask that they pay back associated interest, which is the amount the client would have reduced their card balance by had they not had to make the PPI payment. This figure is considerably more than the simple PPI refund of monthly fees.
For example,
One of our clients who had a Barclaycard for over 7 years received a Refund for his PPI monthly payments of £3,480. Not bad…but he also received a refund of the associated interest he would have paid off had he not made those PPI payments of £15,628, a lot better!
On top of this we also managed to get him and additional £4,986 in compensatory interest at 8%.
So his full PPI refund for this Barclaycard amounted to a whopping £24,094.
For more information or examples of how much PPI credit card refunds can stack up, please contact Ron or David on 0845 602 6421 or go to our website www.consumerprotectionservices.co.uk and click on PPI Credit Cards.
So when you look into claiming back PPI on your loans, remember to have a look at your credit card statements. The PPI is generally not spelled out in a month where you have not made a charge, as I gather the card companies do not want it to stand out, however it will be listed amongst your charges listed along side your monthly purchases. It may be called ‘card protection plan’ or ‘peace of mind plan’ or even just ‘payment insurance’. If you have it and were not fully aware of it you have a right to claim it back.
You may be in for a lot more of a refund than you think!
Why Choose CPS?
Posted by Charlie Lancaster on June 17, 2011
Consumer Protection Services have been around for over 3 years claiming back PPI for victims of missold PPI. We are one of the most experienced companies which means that we have a good long relationship with all of the lenders. All of our claims advisors are very friendly and will take as long as you need on the phone with you to make sure that they get all of the details they need to create a detailed personal claim pack for you, unlike some companies which will just send you out a empty claims pack which you then have to fill in yourself which can be stressful and time consuming. Our advisors are put through extensive training to make sure that they can deal with your case in an individual way as no two claims are exactly the same, so rest assured if you are a victim of missold PPI then our claims advisors will be able to forward your case to the lenders in the most effective way possible. Here at Consumer Protection Services we also like to keep a close relationship with our clients giving regular updates of how there claims are proceeding from start to finish.
How Do I know If I was Mis Sold PPI?
There are many ways in which you may have been mis sold PPI but are not aware of it such as;
- You were led to believe that the PPI came part and parcel of the loan/credit card.
- You feel that you were pressured into taking out the PPI by the advisor.
- The PPI policy was automatically added to your loan/credit card without your knowledge or permission.
- You declined the PPI but it was still added to your application.
- The PPI policy would run past your 65th birthday.
- You were self employed, part time, unemployed or retired when you took out the policy.
- The advisor did not go through the terms and condtions, the PPI policy limitations and a demands and needs statement with you.
- You were told that because you were a foreigner you had to have the PPI.
- Your application would be more successful if you had the PPI.
- Told that you could only have the PPI when first taking out the loan/credit card.
These are just a few of the ways in which you may have been missold PPI. If so then you are entitled to claim back your money, plus an extra 8% compensation for each year that the lender has had your money.
To see how much some of our clients have been refunded, visit out Success Stories page.
