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Bank Reclaim Department

Being approved for a mortgage loan, business loan, or credit card is extremely difficult without good or exceptional credit. Sadly, subprime borrowers that are lucky enough to gain approval for a loan are usually subjected to unfair hidden fees, additional charges, and exuberant interest rates. In fact, interest rates on small loans have reached an all-time high, and do not appear to be ceasing any time soon. Perhaps one of the most common hidden fees added to bank loans are PPI (payment protection insurance) policy charges, which pay for a policy that is supposed to provide coverage for monthly loan repayments in the event that the borrower becomes involuntarily unemployed, ill or injured unexpectedly. These policies are often mis-sold to unsuspecting borrowers who are either ineligible or completely unaware of the fact that they are paying for PPI.

The Difference between a PPI Claim and a PPI Reclaim

The term PPI claim can be used in two different contexts - it can mean a claim filed against a payment protection insurance policy, or can mean a claim filed against a lender that mis-sold a PPI policy. A PPI reclaim is a process in which a borrower reclaims all of the funds spent on an unnecessary PPI policy throughout the duration of their loan. In some cases this can amount to several hundred, or even several thousand pounds, depending on the loan amount. Ironically, you're much more likely to have a PPI reclaim honored (in which you are given compensation for being mis-sold a PPI policy), than to have a PPI claim honored by a PPI insurance company.

Contacting a Bank Reclaim Department

Unfortunately, it can be very difficult to contact the necessary authorities within the bank reclaim department when trying to receive compensation for unnecessary PPI payments. In fact, a lot of some smaller businesses may not even have a bank reclaim department. With the help of a PPI claims company you can be sure that your complaint is brought before the necessary authorities, regardless of whether a bank reclaim department exists within the questionable financial institution. PPI claims specialist have the credentials, experience, expertise, and knowledge needed to contact important authorities and take necessary actions.

Bank Reclaim UK Statistics

With nearly 50,000 borrowers successfully reclaiming PPI payments in the UK in 2010 alone, it's safe to say that the bank reclaim UK process is relatively lenient. In other words, a high percentage of borrowers that attempt to reclaim PPI payments are successful due to the ongoing cooperation of various bank reclaim UK authorities such as the FSA (Financial Services Authority) with PPI claim companies. While the odds may be stacked against borrowers that attempt to file a claim against a PPI policy, the odds are actually in your favor if you attempt to reclaim payments made towards the policy, especially if you can prove that the policy was mis-sold due to ineligibility or lack of consent.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

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