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Claim Back Loan Insurance

Claim Back Loan Charges

Disputing loan terms and conditions with a bank or private lender directly on your own behalf is not only a hassle, it provides a very low chance of success. This is especially true for borrowers that attempt to inquire about payment protection insurance (PPI) policy charges and associated fees. Most lenders refer to PPI has loan protection insurance or loan insurance, and insist it is either highly beneficial or even mandatory for loan approval, and to "secure" repayments. However, not only are PPI policies unnecessary and completely irrelevant for loan approval, it is also highly unlikely that you'll receive repayment assistance when filing a claim against the policy, as less than 15% of individuals that seek assistance from a payment protection insurance company are actually deemed eligible for coverage.

Claim Back Loan Charges with the Help of a PPI Company

By contacting a PPI specialist today you can submit a PPI claim and claim back loan charges that were caused by mis-sold policy payments. Since many lenders attach the total cost of the policy to the overall loan amount upon signing, the borrower is forced to make repayments towards the policy compounded with exuberant interest rates that are also charged towards the original loan amount. To claim back loan PPI payments you'll need to prove that the policy was sold, either because the lender used deceitful tactics to persuade a borrower into purchasing the policy, or failed to inform the borrower of the policy's terms and conditions. The entire claims process typically takes anywhere from 2 to 6 weeks, depending on the size of the loan amount and the resistance of the lender in complying with renegotiating loan terms and refunding PPI payments.

The Odds of Reclaiming Loan Insurance Payments

Given the statistics of the last several years, the odds are relatively high that you'll be able to claim back loan charges that originated from an unnecessary loan insurance policy. Contrarily, the odds are very low that you'll be able to file a successful claim with the payment protection insurance company, as nearly 90% of policyholders are denied coverage due to alleged ineligibility. On the other hand, more than 75% of people that file claims against dishonest lenders for mis-selling PPI received a PPI refund. Thus, if you've recently become unemployed or are unable to make repayments for any reason, it would be more advisable to attempt to claim back loan charges from the mis-sold PPI, than to file against the PPI policy itself.

Can I Claim Back Loan Insurance Charges Independently?

Attempting to file a claim against your lender independently will not only take longer, the odds of successfully receiving compensation are much lower. A professional PPI attorney will have the experience, expertise, knowledge, and communication skills necessary to contact authorities and negotiate with your lender expeditiously. Ultimately, choosing to utilize the assistance of Belmont Thornton could save you several weeks time and several thousand pounds, as the average amount refunded when a PPI specialist is able to claim back loan charges ranges anywhere from £2000 to £4000 or more, depending on the loan amount.

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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.

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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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