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Have I Paid PPI

"Have I paid PPI payments that I wasn't aware of?" If you find yourself wondering why your monthly statement contains charges for insurance policy that you were not made aware of, you may be asking yourself what is going on. If you suspect you have been making a payment protection insurance (PPI) policy without your consent you may want to consider filing a PPI reclaim against the lender or credit card company that sold you the policy, to reclaim all of the funds allocated towards PPI against your will. A lot of borrowers that are desperate for financial assistance are quick to sign a loan contract without reviewing the fine print. However, while it is the obligation of the borrower to read the loan terms and conditions, according to the Financial Services Authority (FSA) it is also the obligation of the lender or credit card company to thoroughly explain the cost, purpose, and specific terms and conditions of a PPI policy before selling it.

Have I Paid PPI Unnecessarily?

When your PPI claims case is reviewed the outcome will be to current largely on whether it can be proven that you are ineligible for the policy or inadequately informed of coverage requirements and policy costs. Considering the fact that more than 85% of PPI policyholders will be denied repayment assistance due to eligibility, there is a significant chance that you're PPI policy was mis-sold and you are paying an exuberant amount for an insurance policy that provides no real protection. Ultimately, the answer to the question "have I paid PPI unnecessarily" is a definite yes for the majority of PPI policyholders. When you apply for a loan, credit card, or mortgage the lender, credit card company, or financial institution is responsible for ensuring that you are eligible before selling the policy, if they do not do this then the policy will be deemed as mis-sold, and you will recover all of the funds spent on PPI.

Have I Paid PPI Companies and Lenders That Mis-Sell PPI Too Much?

If you've paid your lender, bank, or broker more than 15% of the overall loan amount, then the answer to the question "Have I paid PPI fees unnecessarily?" would most likely be yes. Some PPI policies account for as much as 56% of the overall loan amount. For example, a £10,000 personal loan can carry a PPI policy that costs as much as £5,600, which is a significant refund that can provide substantial repayment assistance for borrowers that are successful in claiming PPI insurance back. There are proximately 20. PPI policy and systems in the UK right now, however given the recently rampant mis-selling of PPI, and expected 7 million policies will be created within the next 12 months alone. Fortunately, several financial authorities have begun scrutinizing lenders, brokers, financial institutions, and insurance companies that are involved in or tolerate PPI mis-selling.

Have I Paid PPI Policy Payments That Cannot Be Recovered?

When the claims ratio of PPI policies is compared to that of other types of insurance (household insurance has a claim ratio of 55%) it is not surprising that the FSA has been investigating and scrutinizing these policies for the past six years. Due to this fact the majority of PPI reclaims are honoured, so there is a very high chance that the answer to the question "Have I paid PPI payments that cannot be recovered?" is no. In most cases, utilising the services of Belmont Thornton results in a full PPI refund.


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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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