With so many fees and surcharges it can be easy to overlook schemes that earn credit card companies massive sums within just a few years. It is thought that mis-sold payment protection insurance (PPI) policies generated nearly £5 billion in revenue for financial institutions in the UK, from 2006 to 2011. Given that nearly ninety percent of PPI policyholders have their claims denied when attempting to receive repayment assistance, those that disagree with the low rate of PPI honoured claims argue that this policy should rarely be sold. Reports have shown that late payment charges accounted for a significant percentage of credit card company profits in 2010. Many lenders have become notorious for charging hidden and sometimes exorbitant fees that ultimately amount to millions in profits each year.
How to Begin Reclaiming Payment Protection with the Help of Government PPI Authorities
While PPI mis-selling is more commonly committed by smaller private lenders, larger financial institutions have been fined millions of pounds in judgments, resulting in tens of thousands of UK citizens reclaiming payment protection on credit cards. To begin the PPI claims process you'll need to contact a PPI claims specialists with details pertaining to how the PPI policy was included with the cost of your credit card. Payment protection claims are claims filed against card issuers that unnecessarily add the cost of PPI policy to a credit card account in order to charge additional interest, and possibly earn a commission for selling an insurance policy.
Determining How Much Can be Reclaimed When Reclaiming Government PPI
Regardless of how much you may be able to receive in a PPI reclaim, the risk is minimal because you don't have to invest any funds to begin reclaiming payment protection on credit cards. PPI claim companies will only charge you if you're claims are honoured. The average £10,000 personal loan yields a PPI refund of about £2500, while credit card refunds usually only amount to several hundred dollars, depending on the interest rate and payments made. Belmont Thornton will provide a PPI payment calculator or chart that can be used as a reliable indicator of the average refund amount for specific loan sizes and types. If you're not interested in using a PPI payment calculator, a free consultation with a PPI claims specialists will provide a more personalized experience.
Why Are so Many UK Residents Seeking Government PPI Assistance?
If you continue paying for a PPI policy it will continue to accrue interest as part of your loan, mortgage or credit card account balance, and you'll continue to accumulate debt at a faster rate for no reason. After submitting an inquiry you should receive a response within 24 hours that will allow you to begin reclaiming payment protection on credit card s that include mis-sold PPI policies. By reclaiming funds spent on unnecessary PPI policy you'll not only be reducing your monthly interest payments, you'll also have additional cash to pay off balances and begin improving your credit score.
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