The Process for Claiming Credit Card PPI Refunds
The process for claiming credit card PPI refunds is fraught with difficulty. Many claims for compensation for PPI on a credit card are unfairly rejected or, when refunds are made, many settlements are calculated incorrectly. Consumers who complain to the Financial Ombudsman Service about the poor service they receive from their credit card companies face long delays in the investigation and resolution of their claim, and some forgo their entitlement to compensation for PPI on a credit card.
This article explains the process for claiming credit card PPI refunds, what you should do if you are unhappy with the decision made by your credit card company. However, many consumers are unaware what the value of their credit card PPI refunds should be; so we have also included a section on the best way you can be sure of receiving your full entitlement to compensation for PPI on a credit card.
How to Claim Compensation for PPI on a Credit Card
Once it has been established that you are entitled to compensation for PPI on a credit card, the process for claiming credit card PPI refunds starts by you writing to your credit card provider and explaining that you believe you were mis-sold PPI.
In your letter you need to detail why you believe you were mis-sold PPI and request a refund of the premiums you paid for your PPI policy, plus interest or fees that were incurred because of the PPI policy and 8% statutory compensation.
How PPI claims work
Our process is really easy and we are here to guide you every step of the way…
Call or fill the form
One of our friendly helpful advisors will speak to you, with no pressure or obligation to proceed with a claim.
We check if you had PPI
We don’t need account numbers, just the lender name. Don’t worry about lost paperwork, we can still check for you.
We process your claim
You receive your cash £££!
Your credit card provider is allowed eight weeks to investigate your claim and respond to you with an offer of settlement, a rejection of your claim or a reasonable explanation of why they cannot resolve your claim for credit card PPI refunds at this time.
The response should also include details of the options available to you if you are dissatisfied with the reply you have received. Your statutory rights allow you to complain to the Financial Ombudsman Service if you are unhappy with the credit card company´s decision, if the resolution of your claim is taking too long, or if you believe that the offer of settlement is inadequate.
Complaining to the Financial Ombudsman Service
The Financial Ombudsman Service is an independent arbitrator of financial disputes who handles all complaints about credit card PPI refunds. If you are dissatisfied with the response from your credit card provider, you can write to the Ombudsman and they will investigate your claim on your behalf.
Unfortunately, due to the volume of complaints received by the Financial Ombudsman Services, there are more than 400,000 claims for compensation for PPI on a credit card waiting to be investigated and – despite taking on more than 2,000 employees to clear the backlog, the arbitrator has said it may take eighteen months to investigate any new complaints about credit card PPI refunds.
Complaining to the Financial Ombudsman Service is often worthwhile despite the protracted wait. Historically the Ombudsman has upheld seven out of ten complaints about credit card PPI refunds, and consumers who have previously had their claims rejected or underpaid have eventually received their correct entitlement of compensation for PPI on a credit card.
Speak with us about Credit Card Refunds
If you are unsure about whether you qualify for credit card PPI refunds, or would like to check that the amount of compensation for PPI on a credit card you have received is correct, you should speak with us on our financial claims helpline.
At injurycompensationlaw.co.uk, we have many years of experience in assisting consumers with the process for claiming credit card PPI refunds and will make claims on your behalf – only if you believe it is in your best interests to use our service.
One call is all it takes to find out whether you are entitled to credit card PPI refunds and to have any questions you may have answered by our experienced claims advisors. Naturally, all calls to the injurycompensationlaw.co.uk financial claims helpline are completely confidential and you are under no obligation to take advantage of our services.
Furthermore, we operate on a “no win, no fee” basis; so, if we are unable to recover compensation for PPI on a credit card on your behalf, you will not be charged for our services. Call us today for a professional and dedicated service – and to start your claim for credit card PPI refunds.