PPI verdict 'could open up more compensation cases for personal loan and credit card holders'
Last week's case when a credit card holder had her debts written off by a country court which deemed she was mis-sold Payment Protection Insurance (PPI) could open up more people being able to get compensation for this kind of abuse, according to a national money charity.
PPI verdict 'could open up more compensation cases for personal loan and credit card holders' ”
Last week's case when a credit card holder had her debts written off by a country court which deemed she was mis-sold Payment Protection Insurance (PPI) could open up more people being able to get compensation for this kind of abuse, according to a national money charity.
Chris Tapp, director at Credit Action, said people can get confused about finances and financial products, a fact which has been abused in the past by some organisations selling products which debit and credit card holders do not need.
A County Court judge's decision to compensate Lynne Thorius whom he decided had been mis-sold PPI could open up other cases for compensation in the future, Mr Tapp stated.
However, he warned this should not make people think if they are struggling with debts they can have them written off, as this is unlikely to be the case in most situations.
"It's also important that people don't view cases like this as providing a license to borrow irresponsibly or wriggle out of debts that [they] knowingly and willingly took on," he continued.
Mr Tapp suggested those who are having problems with debit should seek out free independent advice from a charity such as the Consumer Credit Counselling Service (CCCS), the National Debtline or Citizens Advice.
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