Belmont Thornton Logo
Claim Back Loan Insurance

Excessive Bank Charges

Payment protection insurance (PPI) has been the subject of a significant amount of criticism during the past couple of years, primarily due to complaints issued and studies conducted by prominent financial authorities in the UK in relation to the mis-selling of PPI policies. The controversy began in late 2006 when the Citizens Advice Bureau (CAB) filed a super complaint with the Office of Fair Trading against numerous payment protection insurance companies and lenders. This complaint initiated a long line of studies and reports that exposed the extent of PPI mis-selling in the United Kingdom. Sadly, it is estimated that up to 90% of payment protection insurance policies could be considered mis sold PPI.

UK Residents Reclaiming Excess of Bank Charges Related PPI at an All-Time High

Each year the number of borrowers in the UK who reclaim excessive bank charges related to mis sold payment protection policies increases. Overall, there have been approximately 2,000,000 successful PPI reclaims since 2006, and millions more are expected to take place during the next couple years. However, with an estimated 30,000,000 to 40,000,000 PPI policies currently in existence, the awareness of PPI mis-selling still needs to be encouraged amongst the general public. As consumers continue to learn about the true nature of payment protection insurance policies, and financial authorities continue to impose strict penalties on lenders and insurance companies that participate in PPI mis-selling, the amount of PPI claims honoured each year will continue to increase.

Just How Excessive Can Excessive Bank Charges Related to PPI Be?

According to data released by the Citizens Advice Bureau, a payment protection insurance policy can account for more than 50% of the overall loan amount. However, the majority of PPI policies cost about 16 to 25% of the amount borrowed. Lenders persuade consumers into paying for a PPI policy in two ways - either through a single nonrecurring premium, or by charging recurring monthly fees. Although both policy payment methods can cause excessive bank charges, single premium policies usually cost the most, as they are incur additional interest (typically at the same interest rate as the original loan amount).

Start Recovering Excessive Bank Charges Caused by PPI Immediately

Although there is no statute of limitations pertaining to how long a customer is able to wait before being unable to file the PPI claim, the sooner you take action against the lender the greater your chances are of receiving compensation. As long as your loan was finalised within the past five years you have a great chance of receiving a full PPI refund from your lender. To begin the reclaim process simply fill out the quick claim form on this page, or participate in a free consultation via phone or e-mail. After you've provided your basic contact details and any necessary information pertaining to your claim will send you an instructional pamphlet in the post within a couple of days that will provide guidance on how to proceed with your claim.

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