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Payment protection insurance policies are often bundled with home loans, business loans, personal loans, and even credit cards, under the premise that they will provide repayment assistance in the event that the borrower is unable to cover payments. Many lenders will use no more than two words to describe such policies (i.e. - "fully insured" or "secured"), even though these words indicate the exact opposite position the borrower takes when purchasing a PPI policy. These policies actually present a significant risk because they increase monthly repayment costs, thereby heightening the chances of going into debt. If you'd like to claim bank charges that were caused by an unnecessary PPI policy, consider the following information pertaining to payment protection claims.

Does Payment Protection Insurance Really Protect You?

While PPI is supposed to provide protection it actually does nothing more than increase the cost of the loan in more than 90% of cases. Less than 15% of policyholders have their claims honoured, and this minority usually waits weeks to receive even the slightest repayment assistance. Ironically, being mis-sold a PPI policy may actually protect you from unscrupulous lenders in the future, as you'll be more likely to thoroughly examine the fine print of loan contracts in search of similar profit schemes. It is estimated that nearly £5 billion is generated each year directly from PPI policies within the UK financial system. Given these numbers, it is not surprising that approximately 25,000 UK residents reclaim PPI payments per fiscal quarter.

What Will I Need to Prove to Claim Bank Charges Back?

In order to claim bank charges back that were caused by PPI policy payments you'll need to prove that the policy was mis-sold. A policy is considered to be mis-sold when the lender either fails to disclose important information about the terms and conditions of the policy, or persuades the borrower into believing that the policy is mandatory or beneficial. If you have already filed a claim against your PPI policy only to be denied assistance by the payment protection insurance company, then you already have a solid case and a professional PPI claim attorney should be able to help you claim bank charge.

How Long Does It Usually Take to Claim Bank Charges?

A professional PPI claim company will usually say that your claim is processed within eight weeks maximum; however, the average claim time usually ranges from 2 to 8 weeks. After a judgment has been rendered it may take an additional week or two to receive the claim bank charge funds, depending on the processing procedure of the financial institution. There have been some situations in which a borrower is able to claim bank charges worth several thousand pounds in less than two weeks. Belmont Thornton states that there is no way to know for sure how long a claim will take because some may need to go through the appeals process with the Financial Ombudsman Service while others may be missing documents which need to be ordered. By utilising a professional claims management company you increase the odds of an expedited claim since they have the process down to a science.


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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 B16, 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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