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False Payment Protection

Despite being openly criticised by several financial authorities, payment protection insurance (PPI) is not commonly talked about by many lenders that attempt to earn commissions and increase loan amounts by selling policies to applicants that are either ineligible for cover or are completely unaware of the policy. While there are currently an estimated 30 to 40 million policies in existence, approximately 2,000,000 have been refunded to borrowers that have filed PPI claims during the past six years, and 90% of policies were found to be mis-sold or false payment protection policies in 2007. Given the current population of the United Kingdom, it has been speculated that up to 70% of adult residents have been sold a PPI policy (assuming one policy per person).

Who Should You Attempt to Recover False Payment Protection From?

It is important to note that payment protection insurance companies are not obligated to provide repayment assistance to policyholders that are ineligible for cover, regardless of whether the policy has already been paid for in full. Rather it is the duty of the lender, broker, or bank that sells the policy to ensure that their clients are fully eligible for PPI cover before recommending specific policies. Even though payment protection insurance companies have been criticised by financial authorities for denying the majority of their policyholders' claims, there is no way to hold the insurance companies accountable for upholding their own predefined cover eligibility requirements. Thus, the suitable course of action would be to reclaim false payment protection charges from the party that mis-sold the policy.

Recovering Charges Caused by False Payment Protection Policies

By submitting a quick claim form and employing the assistance of Belmont Thornton you can begin recovering false payment protection charges today. After providing basic details about your case a PPI specialist will analyse your claim and give you the guidance needed to help you receive a full PPI refund. Regardless of whether the policy was paid for in the form of monthly repayments or with a single premium, you may be able to claim back bank charges related to the policy, including additional interest charges caused by the false payment protection policy.

Timeframe for Recovering False Payment Protection Charges

After being denied repayment assistance by the insurance company the most advisable course of action would be to begin reclaiming PPI with the help of a qualified PPI claims company like Belmont Thornton, Belmont Thornton. While it is not possible to guarantee a timeframe for recovering false payment protection charges, most of our clients that are successful in receiving compensation do so within a period of 1 to 8 weeks. In fact, after a judgment has been rendered against the lender they have a time limit of eight weeks to provide a PPI refund, according to guidelines set forth by the Financial Services Authority (FSA). If the lender does not comply with this requirement they may be fined a significant amount of money and/or have their operating licenses revoked.

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