Payment protection offers "minimal benefits"
Credit card users are paying out for payment protection insurance (PPI) that is not always of use to them says an industry body.
According to Citizens Advice (CA), Brits are being mis-sold plans by credit card companies, costing the nation £5 billion per year.
The charity says that an incredible 85 per cent of people who do try and claim on their insurance get rejected, with the people who buy policies for circumstances such as illness or redundancy the least likely to qualify for a payout.
A 'super complaint' to the Office of Fair Trading over PPI is now being lodged, especially as personal debt in the UK is growing, warns the CA.
David Harker, CA chief executive, said: 'At best the excessive cost for minimal benefits makes it bad value for many people, at worst mis-selling means the most vulnerable people are parted from large amounts of money under false pretences and left even more exposed to debt.
'This is particularly worrying at a time when personal debt levels are escalating.'
The industry refutes these claims, saying that only 15 per cent of claimants have been denied refunds. | 
