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Claim Back Loan Insurance

Claim Back Loan Payment Protection

Banks are notorious for charging seemingly unnecessary, unfair, and/or exuberant fees for common or trivial violations. However, financial institutions, credit card companies, and private lenders have begun mis-selling loan insurance policies to add to the overall loan amount and increase interest profits. Not only does this cause the borrower/policyholder to pay higher monthly repayments due to the additional cost of the policy, it also adds an additional monetary burden that should not exist. Although the concept of payment protection insurance (PPI) makes sense, a very small percentage of policyholders actually receive assistance from the insurance company and the majority of policies are mis sold PPI.

How to Recognize Payment Protection Policies

Due to the fact that payment protection insurance policies are often referred to by various names and are seldomly mentioned by some lenders that mis-sell them by failing to notify the client of the policy' existence, it is important to thoroughly review your monthly loan statements and look for additional surcharges related, or any type of insurance policy, in order to determine whether you may be able to claim back loan payment protection payments. If you suspect that you've been paying for a PPI policy, it would be advisable to contact your lender immediately and demand an explanation for the mis sold payment protection policy.

What Will You Need to Claim Back Loan Protection?

All you need to claim back loan protection payments is the name and contact details of your lender, and any additional details you'd like to provide pertaining to how the policy was mis-sold, or why you feel you're entitled to compensation. When contacting the PPI claims specialist via a claim form it may be best to include information like the loan amount, duration, interest rates, and how you are charged for the policy, especially if you're trying to receive a quote or estimate of how much you will be able to reclaim. Fortunately, you won't have to provide any payment details, as there are no upfront costs, and a professional PPI claim company will not charge you for their services unless you're successful in receiving a full PPI refund.

Can You Still Claim Back Loan Protection Insurance Funds after Your Claim Has Been Denied?

Yes. In fact, this would be the most ideal time to file a claim against the lender that mis-sold you the PPI policy, as a statement from the insurance company that says you're ineligible for coverage is all the proof needed for you to claim back loan protection insurance payments in the quickest time possible. The court will deem a policy as mis-sold payment protection insurance if it can be proven that the borrower was eligible for PPI coverage when the policy was sold, or if the lender allegedly failed to provide adequate notice of the policy. Lenders are also required to thoroughly explain the terms and conditions of loan protection policies, otherwise they are obligated to provide compensation when a borrower attempts to claim back loan payment protection payments.

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