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Cancel PPI

If you have more than one loan or credit card and live in the United Kingdom, there is a good chance that you have been mis-sold a payment protection insurance (PPI) policy by a dishonest lender. Payment protection insurance is supposed to provide some sort of security by ensuring borrowers that their repayments will be covered in the event of unemployment, illness, or other unforeseen circumstances. Unfortunately, many lenders fail to mention that individuals over the age of 65, those with pre-existing medical conditions, and people that already have payment protection insurance through a different insurance company, are automatically ineligible.

Why Are PPI Policies Suddenly Coming under Scrutiny?

Six years ago the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) conducted a thorough investigation that discovered the true extent of PPI mis-selling in the United Kingdom. Following the investigation dozens of lenders and even several major financial institutions were fined millions of pounds and were forced to refund the PPI policy payments of tens of thousands of borrowers. As payment protection insurance companies continue to receive fraudulent or ineligible claims from borrowers that were mis-sold policies many of them have stopped offering commissions to lenders.

Why Was My Payment Protection Claim Not Honoured?

One question which was undoubtedly on many borrowers minds shortly after they were told they were ineligible for cover was, "Why was my payment protection claim not honoured?" This was pertaining to a policy they already paid for, or have been gradually paying off for months. Indeed, statistics show that less than 1/5 of all PPI policyholders actually receive assistance in times of need, leaving more than 85% of policyholders in a mound of accumulating debt and no help in sight. Fortunately, with the help of a PPI claim company you can reclaim all of the money spent on your payment protection insurance policy, in addition to having the terms of your loan renegotiated. There are two types of payment protection insurance claims - those filed against the policy (85% of which are usually not honoured), and those filed against the lender that mis-sold the policy after the borrower chooses to cancel PPI (90% of which are honoured).

Is It Difficult to Cancel PPI?

All you need to cancel PPI payments once and for all is the determination to contact a PPI claim specialist and provide basic information about your loan or credit card. Within 24 hours you'll receive instructions on how you can begin the reclaiming process and acquire the compensation that is rightfully owed to you. It should be noted, however, that it may be difficult for an individual to cancel PPI by themselves without professional assistance, and at the very least it would require extensive research and a significantly longer period of time. Ultimately, the entire claims process usually only lasts anywhere from 14 to 60 days, and the average amount reclaimed after a borrower decides to cancel PPI on a typical £10,000 personal loan is £2000. To put that into perspective, you could claim as much as £5000 in lost PPI payments when you cancel PPI and reclaim payments on a £20,000 business loan.

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* 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.

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