Recently the number of individuals complaining about mis sold finance by banks and credit card companies has increased considerably. Investigations have showed that the allegations are true to some extent and most of the victims were apparently ignorant about ppi and other forms of insurance.

It is most obvious for banks to see loan seekers as soft targets for selling insurance policies of one form or another. The person in need of money agrees to the terms without much fuss. There are many cases when the loan applicant is awarded the insurance policy without his filling of the forms. In other cases the policy papers were prepared beforehand without the consultation of the loan applicants, who were informed that it was mandatory to get their loan cleared. Thus it is no wonder that most of the mis sold finance has been conducted in the loans sector.

The credit cards do not lag behind much in this regard; if you have purchased any of the products viz. loan, credit card, mortgage or overdraft, it is quite possible that you might be a victim of mis sold finance. The good news is that due to the Govt.’s intervention, banks and credit institutions are now ready to revert the funds invested in insurance and ppi.

PPI claims as they are popularly known are being sought by more and more people to get back their mis invested funds. Although it can’t be denied that not all ppi cases were mis sold. It is an excellent form of insurance that helps you to repay your debt during difficult situations. But there are countless number of individuals who claim that they were completely left in dark regarding the insurance plan. If you feel that you have been a victim of mis sold finance, you can hire a professional finance company to get back your claims without any hassle and getting things done efficiently and smoothly.

More often than not, the common man out there is not aware of the intricacies involved with financial concepts like PPI, credit card insurance, mis sold credit etc. Such lack of awareness can have serious consequences in financial terms as people might end up paying for policies they din’t intend to buy in the first place. That’s precisely what happens in the case of mis sold credit.

What is credit card PPI and how is it mis sold?

Credit Card PPI or Payment Protection Insurance is meant to cover your credit card costs for a fixed duration of time in case of any unforeseen circumstances. It sounds quite impressive on paper but the truth is that it is commonly mis sold to people. In most cases, they don’t even know that they are paying for this form of insurance. So, every time you get a new credit card or a store loyalty card or a loan, there might just be a hidden PPI cost involved that you are not aware of.

The good news is that you can reclaim money in case of mis sold credit card PPI. The following is a list of some crucial facts about credit card PPI policies that you must be aware of.

1. Before applying for a claim, you must be certain that you have been misled by a bank or a credit card company. While buying the card, if you were told that PPI is optional, you can’t legally file a complaint. At the same time, there are other exceptions pertaining to factors like employment status. Therefore, you must do a quick research before you take any big decisions.

2. Technically, a complaint for mis sold credit can be filed at any point of time since there are no strict guidelines. Having said that, the prospects of receiving compensation are brighter if the complaint is filed within six years of getting the credit card.

3. The amount of money you can hope to reclaim depends on a variety of factors like the outstanding debt and credit card balance. Typically, the compensation is meant to cover the money you have paid as PPI over a period of time and the interest you might have been charged on this sum of money.