Belmont Thornton Logo
Claim Back Loan Insurance

Getting Money Back from Loan Insurance

If you believe that your lender persuaded you into buying a loan insurance policy based on false statements, or failed to completely notify you of the policy terms, conditions, and actual costs, you may want to consider filing a PPI claim. While payment protection insurance (PPI) is supposed to provide a sense of security for borrowers by promising to cover repayments in times of need, this rarely happens, as most policyholders are left to fend for themselves despite paying hundreds or even thousands of pounds towards the a PPI policy premium or monthly PPI charges. Unfortunately, the amount you have paid towards the policy has nothing to do with whether you're considered to be eligible by the insurance company. However, according to the Financial Services Authority (FSA) is the out of a tour duty of the lender to ensure that all applicants are eligible for PPI before selling them policy, and if they do not abide by this requirement then they are responsible for providing full compensation to the borrower.

Is Getting Money Back from Loan Insurance Feasible after Being Denied Repayment Assistance?

Not only is it feasible to reclaim PPI after being denied assistance by the insurance company, this ineligibility is what results in the majority of payment protection refunds. In fact, by an insurance company telling you that you are ineligible for repayment assistance they are basically confirming the fact that the policy was mis-sold, as lenders, brokers, banks, credit card companies are required to verify your eligibility before selling you a policy. Furthermore, the majority of consumers that attempted to recover funds spent on a PPI policy did so after being denied coverage by the insurance company, and more than 90% of them had their claims honored, resulting in about 2 million successful PPI claims.

How Much Can You Gain by Getting Money Back from Loan Insurance?

Although data presented by the Citizens Advice Bureau (CAB) reveals that PPI policies can cost anywhere from 13 to 56% of the overall amount, a survey conducted by Which LTD found that the average price of a PPI policy was about 16 to 25% of the debt amount. Although the majority of lenders pay for a PPI policy by charging a one-time premium upon loan signing, some will force the borrower to pay for the policy gradually in the form of small monthly fee. If you are successful in getting money back from loan insurance you should be able to reclaim the entire PPI policy amount, as well as interest charges caused by the additional cost the policy.

Is Getting Money Back from Loan Insurance Becoming a Common Occurrence?

PPI claims are becoming increasingly common in the United Kingdom, has only 15% of policyholders are able to receive assistance, and have no choice but to pursue compensation from the lender that sold them the policy unnecessarily. As of 2008 there were 30 million policies in existence, and although only 2 million of those policies were refunded, the number of successful payment protection insurance claims facilitated by company like Belmont Thornton is increasing each year. Given the high rate of success for PPI claims we are so confident that will be able to help you receive a full refund that we are willing to work on a no win no fee* basis.

Tell a Friend
blog comments powered by Disqus s

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