Claiming Payment Protection Back
Payment protection insurance has become a central issue amongst consumers in the UK because many of them are finding that they have been mis sold cover and as a result can file for payment protection refunds. According to such entities as the Citizen's Advice Bureau and the Financial Services Authority, many lenders, misrepresented omitted certain pertinent facts about payment protection and made it appear as though qualifying for a loan was dependent upon purchasing loan insurance. Claiming payment protection back is the right of any consumer who can prove mis sold cover and the FSA has set up ground rules for doing so.
What Can I Get Back from Mis Sold PPI?
One of the first questions that we hear is, "What kind of a refund can I expect?" The answer to that isn't always cut and dry but the FSA has stated that any premiums paid, interest paid on those premiums and compensatory awards may be granted as a result of mis sold or misrepresented PPI. If you are claiming payment protection on credit card charges there would be rather complex calculations involved simply because the cost (premiums) is based on outstanding balances carried forward. On the other hand, payment protection insurance claims against mis sold PPI on primary or secondary loans would be calculated based on a one time premium that was assessed at the loan's origination. Since premiums are then amortised over the life of the loan and interest is compounded on that, this amount will be tallied and used as a basis for claiming payment protection back.
What Is the Procedure for Filing a Claim?
The FSA has written a claims questionnaire to be completed by the claimant who suspects that he or she has been mis sold protection insurance. The PPI Claim Company have a professional claims team who can help you understand the claims procedure, send you a claims packet with the necessary paperwork to be completed by you and then file your claim for a PPI refund. Claiming payment protection back, in order to be accomplished within given timeframes, needs to meet with certain requirements with each submission.
Whether you are filing a claim against the lender or filing an appeal with the Financial Ombudsman Service, proper guidelines must be adhered to in order to prevent unnecessary delays in the process. It has been found that many lenders are not giving due consideration to PPI claims and if any information is missing this just gives them grounds to stall for time. When claiming payment protection, Belmont Thornton can help you have everything in order the very first time. Contact our claims team today to get started on the fast track and within a day your claims packet will be in the post and on its way to you. The number to call is 0207 471 2000.
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