Belmont Thornton Logo
Claim Back Loan Insurance

Claiming Back Personal Loan Protection

If you were told that your payment protection insurance (PPI) was mandatory, or that it would improve your chances of being approved for a loan, you were mis-sold a policy and should begin claiming back personal loan protection charges immediately. Unfortunately, studies have shown that nearly 40% of policyholders are not even aware that they have the policy, and up to 85% of those who try to use their policy have their claim rejected, giving PPI the highest claim denial rates of any type of insurance. As such, the Financial Services Authority (FSA) has criticized insurance companies and lenders of overselling an overpriced product that typically does not provide repayment assistance to the majority of its policyholders, which is why so many have been successful in claiming back bank charges related PPI.

Claiming Back PPI on Personal Loans

You may want to consider claiming back personal loan protection payments if your lender failed to fully describe the coverage eligibility requirements and exclusions for the PPI policy, or did not adequately inform you of the cost of the policy. Policyholders were supposed to be deemed ineligible for PPI policies if they were over the age of 65, under the age of 18, self-employed, working on a temporary/contract basis, enrolled in full-time education, or already had a similar policy in place at the time of loan signing. Those that were sold a policy despite the aforementioned eligibility requirements should attempt to claim back PPI payments immediately. If it can be proven that you were mis-sold a PPI policy you should be successful in claiming back personal loan protection payments

Criticism and Controversy Surrounding PPI

In 2006 several financial authorities conducted thorough investigations and studies into the mis-selling of PPI policies. The studies revealed that nearly 95% of the policies reviewed were mis-sold, which is a startling statistic considering there are more than 20 million PPI policies currently in existence in the United Kingdom, and each year 7 million more are sold. Lenders are criticized because of their willingness to sell customers policies that either are not needed or not suitable for their circumstances, while insurance companies are criticised for being reluctant to honour the majority of their policyholders' claims. The revelations uncovered by the aforementioned studies shed light on the extent of PPI mis-selling in the United Kingdom and have resulted in tens of thousands of citizens claiming back personal loan protection in the last couple years.

Major Banks Penalized for PPI Mis-Selling

The fact that established banks can be fined and reprimanded for PPI mis-selling should give you the confidence needed to begin claiming back personal loan protection with the assistance of a experienced PPI claims firm like Belmont Thornton. Several well-known financial institutions in the United Kingdom have been fined millions of pounds by the FSA for PPI mis-selling, in addition to being forced to refund the payment protection insurance payments of policyholders. Aside from reducing your monthly repayment costs and lowering the possibility of incurring significant amounts of debt, claiming back personal loan protection may provide you with a welcome lump sum of cash.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

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.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* 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.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide