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Claim Back Loan Insurance

Claim Back Your PPI

If you've taken out a loan with an attached payment protection insurance (PPI) policy since 2006 you may be able to receive a complete refund for all PPI payments. Payment protection insurance, also commonly referred to as loan protection insurance, is perhaps the most commonly mis-sold type of policy in the United Kingdom, primarily because the majority of policyholders are denied coverage after filing a claim. Despite this fact, there are currently an estimated 20 million PPI policies in the United Kingdom alone, and this number is expected to continue to rise even as tens of thousands of UK citizens cancel and reclaim PPI payments each year.

Who Is to Blame for Mis-Sold PPI?

While some proponents argue that the payment protection insurance companies are to blame for not wanting to honour a reasonable amount of claims, the lenders are ultimately responsible for selling policies to individuals that are both eligible and adequately informed of the policy terms and conditions. Although both parties (the insurance company in the lender) are somewhat responsible, lenders will continue to be held liable for PPI refunds because they are the ones dealing directly with clients and convincing them to purchase payment protection insurance policies despite their ineligibility or naivety.

Will You Have To Spend More Money to Claim Back Your PPI?

No, you'll be able to begin reclaiming PPI payments immediately, and you won't have to pay a penny unless your claim is honoured. While this may seem "too good to be true", attorneys that specialise in dealing with PPI claim cases understand that every claim has a high probability of being honoured given the negative reputation of mis-sold PPI policies in the UK. In fact, many clients have their bank charges refunded within one to two weeks after beginning the claims process. Regardless of whether the loan was taken out last year or three years ago, you should contact a PPI claims specialist to find out if you can claim back your PPI payments immediately.

Three Good Reasons to Claim Back Your PPI Payments

The most obvious reason to claim back your PPI payments is to receive a lump sum of money that can be used to repay existing debts, which may have not been a factor had you not been forced to pay an additional surcharge each month for payment protection insurance. However, another overlooked reason to claim back your PPI payments would be to lower the cost of your loan payments, as payment protection insurance can account for as much as 25% monthly repayments. For example, a five-year, £5000 loan with a 7% interest rate should carry a monthly payment of about £100 per month. However, a "fully insured" loan of the same amount, with the same interest rate, may cost £125 per month. This is because the "fully insured" loan includes a payment protection insurance policy that costs an additional £25 per month unnecessarily. Finally, the third reason to claim back your PPI payments as soon as possible is the high rate of success with which borrowers are filing claims against dishonest lenders.

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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.

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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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