When you took out your loan you were offered a policy to protect your payments if you were unable to pay. This is Called Payment Protection Insurance and can be ridiculously expensive. The Financial Services Authority (F.S.A.) have ruled that many of these polices have been mis-sold, which means you can make a claim to get your money back.
Our No Win, No Fee* service, means we will handle your claim and our Fast Track service guarantees that we will commence your claim within 24 Hours of receiving your Claim pack. Thousands of people have already successfully claimed back their money which is normally several thousand pounds.
Our Quick Apply service should take less a minute to complete and we will send you a Claim Pack in the post. Once you have returned the Claim Pack you can sit back knowing our specialist team is on your side and will be working to get you the best possible compensation. All on a No Win, No Fee* basis. Time limits apply to making a valid claim, so don't delay in getting your claim started.
For anyone who has taken out payment protection insurance (PPI) on a loan in the past ten years, there is a high chance they were forced to pay an extortionate amount for their cover and could be entitled to a refund. PPI is usually sold with loans, credit cards or mortgages and promises to cover monthly repayments for borrowers in the event they fall sick or lose their jobs and are unable to pay. However, the Financial Services Authority recently began fining a number of banks and loan providers for mis-selling PPI policies that are expensive and offer little real protection - meaning many people could be entitled to PPI refunds. On a loan of £10,000, borrowers could be able to make a PPI claim for as much as £2,000, although the exact figure will vary.
The cost of PPI charges
According to Citizens Advice Bureau research, PPI can add as much as 56 per cent to a person's repayments. That is a significant amount to be placed on top of monthly bills, particularly as most PPI policies come with a number of exclusions. Credit card companies, for example, make money by charging people for late payments, but also for payment protection fees on top of this. Similarly, with PPI potentially adding more than half to repayments - and mortgages costing the average homeowner over ten per cent of their income, according to the Council of Mortgage Lenders - homeowners could find they have spent vast sums on PPI.
Dubious cover provided by PPI
However, many paying for PPI will find that they are actually excluded from a payout should they need it. People with pre-existing medical conditions, in temporary employment or who were about to finish work when taking out their cover for any number of reasons would likely find that they are not entitled to cover despite having paid for PPI. Also, some self-employed people will find that they have been paying for cover that is not actually suitable for them, while many will have had an existing policy that already provided them with the same level of protection. A number of banks and loan providers have already been forced to pay large fines for mis-selling PPI, with Alliance and Leicester being charged £7 million and HFC £1 million.
Payment protection refunds
Consumers may also wish to make a PPI refund claim if they felt pressured into taking out PPI, were not made aware of how much it would really cost, thought it was included in the loan or received sick pay from work. It could also be the case that consumers were forced to opt-out of taking PPI cover by ticking a box on their loan application, rather than being encouraged to opt in - if this is the case, they would be within their rights to apply for PPI refunds. There are many reasons why people may be eligible to make a claim, but there is a time limit on how long after a loan is taken out that they can do this, so it is important to make a claim as soon as possible.
How can I make a PPI reclaim?
There has been a great deal of confusion surrounding PPI and bank charges in recent times, with many unsure if they are entitled to make a claim for a PPI refund. Belmont Thornton offers a No Win, No Fee* service so potential claimants do not need to worry about the costs unless they make a successful PPI claim, which is usually worth several thousand pounds. What's more, it will start dealing with a case within 24 hours of receiving a claim pack. Anyone interested in finding how much they could claim from their lender can try Belmont Thornton's claim estimator and apply for a pack to be sent to them now.