Legal Question Ppi On Credit Cards..
Hi all!
SAY FOR EXAMPLE...
1.If someone has had a credit card for a lengthy period of time(almost 8 years) and a large credit card balance which upon inspection of previous statements shows it has a large percentage of PPImonthly instalments added on together with compound interest
The only difference is the fact that the Meadows case was for a fixed term loan whereas a credit card is by definition "revolving credit".
2.As the PPI costs have mounted and have become now a large percentage of the principal debt owed rather than a debt accrued as a result of spending on the card in the form of purchases and/or cash withdrawals.
3.PPI is supposed to be a charge levied for a service likely to be needed further down the road and not itself credit or a charge for credit.
4.By the way,this is going away from the issue of misselling under whatever guises/reasons but looking at the card debt with reference to the enforecability issues that have been highlighted in previous high profile cases.
IN CONCLUSION...
If what I have just mentioned has any validity this means that any credit card debt of this type i.e.with a large element of PPI would be unenforceable.
The principal owed and the PPI would have to be calculated seperately and added together in order to have an enforceable debt.
Also,forgetting anything to with the debt being extortionate etc.
Agree? or Disagree? Any views would be highly appreciated.
Many thanks in advance.
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