PPI and Credit Cards. Check That No Hidden Costs Have Been Added?

Have you looked at your credit card statements recently? Have you noticed that the fees for using your credit card have ever become inexplicably more expensive? Consumers are urged to look in detail to see if any hidden costs, such as Payment Protection Insurance, have been added. 

Consumers are advised that an emerging trend in the financial sector is to add automatic payment protection insurance within the fine print of the application forms. Possibly obscured in the fine print is the automatically completed “opt-in” for payment protection insurance and consumers may unwittingly have committed to something they are unaware of. 

In the first instance, consumers are advised to look at the APR that was fixed on their credit card terms and if there is any mismatch with the fees they should investigate that PPI has not been bolted on. While there are recorded incidents of this happening in the UK, this problem is endemic in the United States where legislation on the sale of PPI seems less inclined to protect consumers. 

For anyone that believes they may have been charged or sold PPI without full disclosure, we would urge you to contact your bank for clarification. In the current climate however, it may be hard to get a satisfactory response from your bank as the current standoff between the BBA and FSA means that banks have largely put all PPI complaints on hold. 

Here at PPI Return, we have significant experience at ascertaining if clients have the right to reclaim mis-sold PPI alongside their credit cards. Consumers should have had all terms and conditions fully explained and detailed as PPI can often add a considerable amount of money onto the initial loan. To talk to one of our dedicated PPI claims specialists please call us.