The consumer group Which? conducted a survey and found that 13% of the people they surveyed believed that PPI was a condition of their credit card deal or that by taking out PPI their application was more likely to be accepted.
When a claim is accepted on a credit card PPI policy many policies only cover the minimum payment each month meaning that your balance will hardly reduce.
The average cost of PPI on a credit card is 79p per £100 borrowed, meaning that on a balance of £5000 it would cost you £470 a year. Depending on the charges of your lender and how long you have had your card you could potentially be entitled to £1000’s.
Take a closer look at your statements it may not be clear that you have PPI, your lender may refer to your cover as ASU cover or simply call it credit card protection.
For more information about PPI on credit cards call us today on 0151 735 1000.
Extremely happy with the outcome of my Personal Injury Claim and can only thank Paul McCarthy and his team at EAD Solicitors and also Tim Trotman my barrister arranged by EAD, for all their work and efforts on my behalf. As such I would highly recommend EAD to anyone in need of their service. Once again thanks to all involved.
Brodie Martin, Merseyside
Excellent, very professional, approachable when I needed advice. I would just like to say thank you to your staff.