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Claim Back Loan Insurance

Claim Money Back from Loans

Personal loans, business loans, home loans, and even credit cards may have insurance policies included with the overall loan amount, which not only causes monthly repayments to be higher, but also gives the lender a commission for selling the insurance policy. Loan insurance, formally known as payment protection insurance (PPI), is a type of policy that is supposed to provide assistance with repayments when a borrower is unable to make payments due to unforeseen circumstance. However, many policyholders are not adequately informed about eligibility requirements, and nearly 90% of PPI policyholders are denied benefits, regardless of how much they've already paid towards the policy. With so few claims being honored by PPI companies it's easy to see why payment protection insurance claims are at an all-time high in the United Kingdom.

What Is Included within Payment Protection Refunds?

The amount of money you'll be able to receive when you claim money back from loans that have attached PPI policies will vary depending on the size and type of the loan, policy size, and how much has been paid towards the policy. If a claimant has only paid for half of the policy, that is the amount that would be refunded. However, in some cases the lender will be forced to refund not only the cost of a PPI policy, but also any surcharges or interest payments related to the policy. Although it may seem unlikely that you'll be able to claim money back from loans that have already been paid for, it is an extremely common occurrence, and the majority of claimants receive payment protection refunds in less than eight weeks.

Claim Money Back from Loans Issued by Banks, Private Lenders, and Credit Card Companies

Since the PPI policy is often added onto the overall loan amount, it may be classified as a separate attached loan in and of itself. For example, a lender may convince a borrower that a £2000 insurance policy is necessary to "secure" repayments for a £10,000 personal loan, thereby increasing the overall loan amount to £12,000. In other cases the lender will pay for a PPI policy out of their own pocket and then recover the funds (profit included) by charging small recurrent monthly fees for loan insurance. By hiring a PPI claim company you can claim money back from loans that included mis-sold PPI policies, without having to deal with your bank or card issuer directly.

How Much Will It Cost and How Long Will It Take to Claim Money Back from Loans?

The entire claims process from start to finish usually takes anywhere from two to eight weeks, depending on several factors, including the lender's willingness to comply. Fortunately, the cost of filing a claim against a lender that mis-sold a PPI policy is nominal in comparison to the cost of debt and poor credit that could result from a loan default. Since the PPI policy is attached to the loan it would be impossible to stop paying for it without defaulting on the loan. This is why it is necessary to claim money back from loans with attached PPI policies by utilizing the proven services of a PPI claim company.

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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 number 18273

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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