13:01 12 April 2013
When it comes to finances, if you’re like most people, you have at least one credit card.
Perhaps, like many of us, you have a few credit cards. Besides the headache of trying to keep track of your different credit cards, the reality is that you are at more risk for each credit card you have. The kind of risk we’re talking about is PPI (Payment Protection Insurance) related.
Many credit card companies provide the option to protect repayments by enrolling their customers in a PPI plan. For many people this is a beneficial choice, especially for those with multiple credit cards. Occasionally though, companies may not be entirely clear to their customers about what the insurance entails or if they would even qualify to use the protection. Sometimes customers are even enrolled without being consulted.
What can you do to protect your finances?
• First establish if you want, need, and are entitled to the potential benefits of PPI.
• Check any available documentation and statements for your credit cards to see if you have a recurring charge, or any charge you don’t immediately recognize.
• If you don’t have documentation, contact the companies who service your credit cards to see if they can provide you with documentation.
• If you find that you have already become a victim to some unethical PPI activity, start the process to submit a PPI reclaim form.
• Monitor cold calls, mailers, and future statements for future unauthorized activity and report it immediately.
Hopefully these tips will help you rectify any issues with PPI plans on your credit cards, or prevent any similar situations from arising in the future. If you are suspicious about any cold calls or have the feeling that a company is unclear about their products and services, it won’t hurt to call back later and double check key information.
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