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Claiming Back Payment Protection Payments

If you had a claim for repayment assistance denied by a payment protection insurance company, or have recently noticed strange fees or surcharges on your monthly loan or credit card statement, you may have been mis-sold a PPI policy. Payment protection insurance (PPI), also referred to as loan insurance, is often sold in conjunction with a loan or credit card by lenders,unfortunately, many of these policies have been mis-sold. Mis-sold PPI has become such a financial epidemic in the United Kingdom that there are approximately 50,000 residents claiming back payment protection payments annually, with more than 20 million PPI policies in existence, and 7 million additional policies being sold each year.

Grounds for Reclaiming Loan Protection Insurance

There are nearly a dozen reasons to reclaim loan protection insurance. If you were not adequately informed of the policy term, conditions, cost, and coverage, You may be entitled to a full PPI refund. If you were working less than 16 hours per week, were self-employed, or were working on a temporary/contract basis, you were ineligible for the PPI policy, and should be successful in claiming back payment protection payments. You may also be entitled to a PPI reclaim if you were told that the policy was mandatory or somehow necessary for loan approval, or that it could affect the amount of the loan. Individuals that were under the age of 18 or over the age of 65 at the time of loan signing should not have been sold a PPI policy, and could therefore begin claiming back payment protection payments today.

Proper PPI Selling Vs. PPI Mis-Selling

Lenders that sell PPI policies are supposed to inform borrowers that the policy is optional, as well as provide detailed information about the policy and how much it will cost. In addition, the lender is obligated to clarify the coverage eligibility requirements of the policy, and provide a brief description of coverage exclusions. According to the Financial Services Authority (FSA), lenders are supposed to recommend PPI policies that are suitable for the needs of the borrower, otherwise they may be held responsible for providing compensation when the borrower begins claiming back payment protection payments.

How Long Does It Take to Reclaim PPI Payments?

Although the exact amount of time that it takes to receive a full PPI refund varies between each case, the entire claims process can often be completed in just eight weeks.Utilizing the services of Belmont Thornton will not only ensure a higher chance of success in reclaiming PPI, it will also expedite the process of claiming back payment protection payments. Belmont Thornton carries the experience, expertise, knowledge, and industry connections needed to contact the necessary authorities and begin negotiating a PPI refund with your lender. Beginning the process of claiming back payment protection payments could be as simple as filling out a claim form.

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