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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.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ 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.

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* 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.

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