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29th Aug 2019

Credit Cards PPI Check

Many millions of UK consumers were sold Payment Protection Insurance (PPI) with a credit card between 1988 and 2010.

The purpose of PPI was to help consumers meet their credit card payments if they were unable to work due to illness, an accident or unemployment.

As an example of blatant mis-selling of PPI with credit cards during this period Which? magazine, in 2013 revealed the true cost of PPI to consumers in press report which cited Egg as a culprit as below:  

"Consumers mis-led at the point of sale: Between January 2005 and December 2007, Egg sold PPI policies alongside its credit card to 106,000 customers, earning £16.7 million in premiums. The Financial Services Authority found that 40% of Egg’s telephone sales of PPI breached the regulations."