Consumers across the UK have many different financial products they can choose from. These range from credit cards to car loans, store cards, insurance cover and lots of others. Most of these are credit based financial products that require a regular, monthly repayment which has some interest and fee attached. However, products such as CCP were miss-sold to the consumers. This has led to multiple CPP claims being files by consumers. They are apparently seeking to be compensated for the miss-selling as this actually cost them big time. Claims for CPP that are genuine and legitimate need to be directed to the government for approval.
CPP stands for card protection plan. Card protection plan limited is a UK firm that provides protection services to card holders. This plan is like an insurance policy or cover and is normally underwritten by a large insurance company. Protection is offered to consumers with various cards in case of loss of card, fraud or theft. Whenever these unfortunate incidents happen then consumers will be able to receive assistance. Basically consumers who lose their cards, have their wallets or purses stolen or even have it go missing by any other means will have the card cancelled immediately.
Consumers can have their cards cancelled after reporting them lost or stolen. This takes place after a report is filed. A card holder with CPP Protection should make a phone call to the firm on a certain given number. It will not matter where in the world the customer is located. Once they call in, the card will be cancelled. However, the UK CPP company has been fined by the FSA or financial services authority of the UK. The FSA is mandated to regulate the financial sector and services across the entire UK.
In recent years, the company was found to have been miss-selling its services to consumers. This has resulted in CPP claims. Consumers who need to be reimbursed for this can contact a local CPP claims company. Miss-selling can be defined as selling the product to consumers without their knowledge or by using false, misleading information and generally not following the law. Sellers of such products are required to always follow the law by making a full disclosure to customers so they know exactly what they are buying into and what the terms and conditions are. Methods adopted that do not meet this criterion may be judged as illegal.
There are lots of attractive benefits and opportunities that customers get to enjoy when they sign up for a card protection plan. They include financial assistance especially after a disaster such as losing a wallet or cars when travelling overseas, fraud protection and prevention, access to a 24 hour free card reporting service and even travel assistance. All these are attractive benefits that many customers would love to enjoy and receive with their cards. Problems only arise when the protection product is sold to unwitting customers. This is where the FSA comes in because in such cases, the law may have been broken.
To successfully file CPP claims, it is important to work with a CPP claims company. This is a company mandated with the duty of assisting different willing customers receive compensation for the miss-selling. Such companies are formed by individuals with knowledge of the claims process but using their services is not mandatory. They however make it very easy for consumers in need of assistance. The entire process of filing claims for CPP is very simple. An individual will have to have bought the policy unknowingly, unwillingly or without proper knowledge and full discussion.
The procedure basically will require an admission by the individual concerned or customer that they were actually sold the CPP cover against their wishes or without proper revelations or information. All these will need to be jotted down on a letter. There is a need to then fill out a form and attach the hand written letter. Evidence of any payments should be attached as well as proof money exchanged hands. These will then be sent to the office of the FSA ombudsman. If approved, then payment will be made to the applicant. CPP claims may yield money for the applicant which may come in handy later on.