Belmont Thornton Logo
Claim Back Loan Insurance

Can I Claim PPI Back

Many consumers have realized that in recent years when applying for a loan you are likely to have PPI added to a loan even though you aren't aware at the time that it is being added. It isn't until much later that it becomes evident that the lender pulled one over on your. There has been a lot of confusion regarding payment protection such as what you get from, and how does it work. As the Citizens Advice Bureau (CAB) cited payment protection as one of the leading scams of the decade in 2006 it is easy to understand why someone would want to know about it.

PPI Background Information

In the past 10 years many borrowers have been sold and protection insurance by lenders. Lenders knew they had the leverage in which to increase their earning potential without increasing the amount of money loaned. They devised a plan to use payment protection insurance for their advantage. Payment protection insurance (PPI) commonly referred to as either payment insurance, loan insurance, loan protection, loan protection insurance, or payment protection are services in which borrowers receive financial help with the financial service attached to the policy in the event they may become unemployed. PPI can be attached to almost any type of financial service including but not limited to store cards, mortgages, bank loans, and car purchases. The lenders used this information to make borrowers feel as though getting payment protection would be a benefit to them.

Misleading Sales Tactics

Oftentimes, the lenders would tell the borrower that payment protection would help in getting them approved for loan all the while knowing that it will not because the lenders are the ones who approve the loans. They used these type of tactics to get numerous amounts of borrowers to sign up for payment protection insurance no matter if they qualified for the coverage or not. The lenders were simply trying to get more money without having to loan more because if a lender had payment protection activated at the time of the loan will more than likely be included with the loan payments. Thereby, entitling the lender to charge interest on the payment protection policies as well as the money loaned generating additional revenue for the lenders.

6 Questions PPI Claims Companies Love to Answer

There are a number of questions consumers have when approaching claims companies. Here are 6 of the most common:

  • Can I claim PPI back if I have canceled my PPI policy?
  • Can I claim PPI back if I've paid off my loan?
  • Can I claim PPI back if it has been over more than six years?
  • Can I claim PPI back if I have been divorced?
  • Can I claim PPI back if I'm unemployed?
  • Can I claim PPI back if I'm sick?

In a nutshell, PPI claims companies love to answer these questions because they can explain just what the claims process is all about and who can actually qualify to file a claim.

What to Do If I Suspect Something Is Wrong with My PPI Policy?

If you suspect that you have been led astray in regards to PPI, a bit of information may be able to help. In order to claim back PPI it must first be proven that PPI was mis-sold. Ways in which PPI can be mis-sold are if the lender has not advised the borrower that payment protection is voluntary or that the borrowers know the requirements for eligibility on the PPI policy. Other ways in which PPI can be mis-sold or if the lender did not lead the borrower know how much PPI will cost or if the lender simply did not tell the borrower they were applying for PPI for the borrower. Any of the above reasons can qualify a PPI policyholder to a refund.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide