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Government Payment Protection

A payment protection policy, sometimes erroneously called a government payment protection plan, is technically paid for as part of the loan, so borrowers will often continue to make repayments towards not only the original loan amount but also the policy that they were mis-sold. In fact, some unscrupulous lenders will include such policies in a loan agreement without even notifying the unsuspecting borrower. Payment protection insurance (PPI) is often automatically included with various types of loans or credit cards. Many lenders and financial institutions sell these policies to borrowers that are not eligible for them in an attempt to earn commissions from insurance companies and boost the overall loan amount. Thus, a lender may convince a borrower that a "loan protection insurance" policy is beneficial, or even mandatory for loan approval, thereby adding an additional £3000 to £6000 to a £20,000 personal loan.

Is It Possible to Claim Back Government Payment Protection?

Considering the fact that it would take several weeks to receive repayment assistance (if you're lucky enough to be within the 15% of policyholders that are actually eligible for coverage), it would seem more advantageous to simply file a claim against the dishonest lender that mis-sold the policy, rather than trying to pursue a claim against the insurance company independently as a seemingly 'ineligible' policyholder. So ultimately the answer is yes, with the assistance of a professional The PPI claim company you can begin claiming back bank charges caused by PPI policy payments or fees. It can take anywhere from one to six weeks to reclaim unfair bank charges caused by a PPI policy, however the average case time usually ranges from 2 to 4 weeks.

Who Should You Contact Bank to Recover Government Payment Protection?

The average claim amount per refund on a typical personal loan ranges from £2000 - £3500. While this is a very small fraction of the total amount of mis-sold PPI policies each year (PPI brings in several hundred million dollars in profit for banks annually), if every PPI policyholder begins to take action it is likely that this scam will disappear completely. Although it would be best to contact the bank initially in order to diplomatically request that the charges be removed, if they're not willing to comply the best solution would be to contact Belmont Thornton in order to seek retribution for being mis-sold what is erroneously referred to as a government payment protection policy.

Reclaim Government Payment Protection from the Lender That Sold It You

Sometimes the lender may be obligated to pay fines in addition to the money refunded for the PPI policy. Fortunately, unlike many other types of lawsuits in which you would seek compensation or a refund, a PPI claim does not require you to pay any fees unless your claim is honored. Since the lender or financial institution that offers you the loan or credit card was responsible for ensuring that you were eligible for the PPI policy before selling it, you'd have to reclaim your bank charges from the lender, rather than the second-party insurance company.

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