PPI Credit Cards
PPI Credit Cards – Top Companies Involved in the Scandal
Scandals are typically performed by lesser known companies to a small amount of people. However, there were many high street lenders that sold PPI on credit cards without the buyers even knowing it. Payment Protection Insurance is not intrinsically bad, but if you do not know you are being charged or you think the insurance covers something that it does not, you could be a victim who needs to look into mis sold PPI claims.
In may cases staff members are trained to employ pressure sales tactics, but now they are paying for it in fines from the Financial Services Authority (FSA) and in the number of mis sold PPI claims being made against them.
A major credit card provider was fined £175,000 for mis sold PPI credit cards. Even when the insurance is sold at the compliance of customers, the company failed to offer “adequate systems and controls” when the product is sold.
Many card providers have become a target of mis sold PPI claims. One was fined £721,000 by the FSA because two out of every five telephone sale conversations had serious weaknesses. It is estimated that credit card providers will be responsible to pay out about £1.67 million for every 10% of their customers that are awarded reimbursement because of poor selling tactics.
On prominent lender failed to provide suitable advice to customers when selling PPI credit cards and therefore have been fined over £1 million by the FSA. Another reason for their fine was due to a failure to have a monitoring system in place to keep track of PPI credit card sales. In fact they offer the most expensive PPI policies to date, which means they could be in for a big hit as mis sold PPI claims continue to pour in.
It is strongly advised that anyone with a credit card from any of the above companies look into the possibility that they have been sold PPI credit cards without knowing it. You could be entitled for a full-scale reimbursement, but you will never know if you do not start the mis sold PPI claims process