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Claim Back Your Bank Charges

Consumers in the United Kingdom have been hearing about the PPI scam lenders have been found guilty of and probably may not even be aware of the fact that they too have been mis-sold payment protection insurance. If you have been following the news you won't know that consumer advocate groups like the Citizens Advice Bureau are telling people that, "You can claim back your bank charges and should do so if you have been mis-sold payment protection insurance." However, many of us just don't know where to start when trying to claim back PPI.

How to Claim Back Your Bank Charges

Before you can even think about how to claim back your bank charges you have to realize that lenders are not going to willingly part with any money even if it is your money. Because of this you are going to have to clearly define how you have been mis-sold payment protection insurance and why you are claiming back bank charges. If you don't know the reasons why the government says lenders have been misselling payment protection insurance you can find a list on the Financial Services Authority website, the citizens advice Bureau's website and on a number of PPI claims companies websites. After you have determined that you truly have been mis-sold this cover is time to file a claim with your lender stating that you would like to claim back your bank charges and then give them the reason why.

How Much Is the Average Claim Worth?

Of course you will want to know how much you can claim back when filing a claim against mis-sold payment protection insurance but no two people will ever be claiming back the same amount of money. The reason for this is because each loan is written for a different amount and payment protection is based on the total amount being borrowed. As well, payment protection insurance is charged on a percentage of that amount being borrowed and sometimes it can vary from 20% to 60% of the amount you are borrowing. For example, your neighbor took out a home loan for £100,000 in their lender charged them 20% meaning that there PPI cost £20,000. Your lender is charging you 47% so you would be paying £47,000 in PPI cover. One of you has been paying for 10 years while the other has been paying for two. So as you can see there is no way to say how much the average claim is worth. But if you are trying to claim back your bank charges and want to estimate how much you think you will get then consider this. The average claim in the UK is anywhere from £1700 and £2700.

When you want to claim back your bank charges you can either choose to hire the services of a professional claims management company or you can file that claim on your own. Just be aware of the fact that there is often a lot of paperwork involved and most lenders are going to deny your claim anyway. By having an expert negotiator on your side you do stand a better chance of being heard at the very least. Whilst no one can guarantee that a PPI claims company will win your refund for you, they help him prove the odds because they are experts in the field.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ 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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