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Claim Back Loan Insurance

Getting Back Loan Protection

If you've been denied repayment assistance, filing a PPI claim against your lender may be the only feasible way to claim back PPI payments that are rightfully yours. Payment protection insurance (PPI) is a common type of cover that is usually sold along with personal loans, business loans, mortgages, credit cards, and other financial products. It is advertised as a way to secure monthly repayments in the event that you're unable to work for various reasons. Unfortunately, PPI policies rarely live up to their expectations as only 15% of policyholders are approved for repayment assistance. Continue reading the following paragraphs to learn how to receive a full refund for funds that were unnecessarily allocated towards an excessive PPI premium.

Just How Much Money Can Getting Back Loan Protection Give You?

To give you an idea on how much money you could receive by getting back loan protection payments a £20,000 personal loan can have an attached loan insurance policy that costs as much as £10,000 or more! In other words, nearly half the loan amount could be allocated towards a PPI policy premium that paid for cover which you were either ineligible for or uninformed of. The Citizens Advice Bureau (CAB) has released data that a PPI premium can cost anywhere form 13% to an excessive 56% of the amount loaned. In fact, one unsecured personal loan that was reviewed which was worth approximately £11,000 carried a PPI premium that cost £5,133! Fortunately, now that several financial authorities in the United Kingdom have begun acknowledging payment protection insurance mis-selling as a widespread problem, getting back loan protection is becoming much less challenging.

What Are the Statistical Odds of Getting Back Loan Protection Payments?

According to data published by the Financial Ombudsman Service (FOS), the odds of getting back loan protection payments by filing a PPI claim are about 95%, and that is the exact percentage of PPI policies that were found to be mis-sold during 2007. Although it can be easy to become intimidated and hesitant when filing a claim against an established bank, broker, or lender, it should be noted that many major banks have been fined as much as 7 million pounds for engaging in PPI mis-selling, and you have much better a better chance of getting back loan protection payments, than being given repayment assistance from payment protection insurance policy. PPI policies that were mis-sold and funded by the creditor as a non-recurring premium are most likely to be refunded.

How Many UK Consumers Are Successful in Getting Back Loan Protection Annually?

There were approximately 30,000 PPI claims filed against unethical creditors that were found guilty of mis-selling PPI policies in 2009. This year, an anticipated 70,000+ borrowers will succeed in claiming back bank charges that were allocated to a PPI policy premium or monthly PPI payments. Every year approximately 7 million PPI policies are sold, resulting in the generation of about five and a half billion pounds in premiums for lenders and insurance companies that are involved in the underwriting PPI.

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