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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.


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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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