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Credit Payment Protection

Payment protection insurance (PPI) mis-selling in the United Kingdom has become rampant, with 7 million policies being sold each year, and an estimated 20 million PPI policies currently in existence. Payment protection insurance is also referred to as credit payment protection by credit card companies that attempt to charge fees and earn commissions for the sale of these policies. A PPI policy is regarded as being mis-sold if the credit card company fails to disclose the terms, conditions, and repayments associated with the policy. After you've been refused policy benefits, reclaiming PPI is often the only way to reclaim some of the funds spent on the policy.

How Much Can Someone Reclaim from Credit Payment Protection?

A PPI policy premium can cost anywhere from 13 to 56% of the total loan amount on unsecured personal loan, and the entire premium can possibly be reclaimed in a PPI claim case. Furthermore, for every pound spent on a PPI premium in the UK financial insurance industry, only £.20 is paid back through credit payment protection claims filed against policies. In fact, the FSA has been publishing reports since 2006 that prove the extensive PPI mis-selling. Several high street banks have been fined millions of pounds for selling credit payment protection insurance policies without adequately or properly informing clients. Although the actual amount of time it takes to reclaim payment protection insurance payments varies for each client, the entire PPI refund process is typically finished within no more than 8 weeks.

Likelihood of Getting Your PPI Refund Honoured

According to the FSA, applicants who were mis-sold a credit payment protection policy that was paid for by a singular fee financed by the lender have the highest probability of claiming back PPI insurance with success. Single premium PPI policies are mis-sold more often than not and the cost of the PPI premium can range. There were around 50,000 payment protection claims reported against unethical lenders that were found guilty of mis-selling PPI policies during 2010. Approximately thirty percent of the complaints given to the Financial Ombudsman Service (FOS) involve customers claiming back payment protection on credit cards or loans.

Reclaiming Credit Payment Protection

The FSA has not only scrutinized lenders for selling policies improperly, but also insurance companies for providing a product that does not serve a purpose for the majority of its policyholders. Now that you are considering reclaiming credit payment protection insurance payments, it is essential to avoid such policies when applying for credit cards in the future. Be sure to inquire about the kinds of repayment situations that are eligible for coverage. Using the services of Belmont Thornton may provide a better chance of being successful in reclaiming PPI because all the necessary information will be included when the claim is filed reducing the likelihood of it being returned as incomplete. Belmont Thornton has acquired the skills that are needed to make contact with the appropriate respective authorities and begin fighting for a PPI reimbursement with your financial institution.

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