When you took out your credit card were you offered some form of card insurance or protection? Did you know many people were sold mis-sold this type of cover and you may be entitled to make a claim for compensation?

Many people have heard about the scandal surrounding mis-sold loan payment protection insurance, but the issue of mis-sold credit card PPI often gets forgotten. Part of the reason for this is the way that credit card PPI is applied. While loan PPI is usually added at the start of a loan as a sizable lump sum, credit card PPI is applied monthly. The cost is calculated based on your outstanding balance meaning if you owe nothing you pay nothing. This means that card PPI is usually just a small charge that appears on your monthly bill. The trouble is if you have a significant amount of credit card debt, or more than one card, these charges can really add up.

For example, if you owe £15,000 on a single credit card, or a number of cards combined, you are likely to pay approximately 79p per £100 per month. This equates to a monthly charge of £118.50 – that’s £1,422 per year.

If you do not feel that the cost of your credit card cover was fully explained or that your policy was mis-sold in any other way we could help. To start your claim, just fill out our online application form.