How Can I Claim Back PPI
Payment protection insurance (PPI), also commonly referred to as loan protection insurance, is a type of policy that is usually sold in conjunction with personal loans, business loans, mortgages, and credit cards and is supposed to provide another source of funding for loan payments if a borrower/cardholder cannot work. After being denied repayment assistance, claiming back payment protection on credit cards is often the only way to reclaim PPI, so you may be asking yourself "How can I claim back PPI?". Consider the information contained within the following paragraphs to discover how to receive a refund for the funds you paid for your PPI premium.
How Much are PPI Premium Refunds Worth?
A £10,000 personal loan can carry a PPI policy that costs as much as £2,500, which is a significant refund that can provide substantial repayment assistance for borrowers that are successful in claiming payment protection refunds. According to data released by the Citizens Advice Bureau (CAB) a PPI premium can cost anywhere from 13% to 56% of the amount being borrowed. In other words, an unsecured personal loan worth £11,000 can carry a PPI premium that costs £5,133! As many financial authorities in the UK have begun recognizing, mis sold payment protection insurance is an ongoing problem and the answer to the question "How can I claim back PPI?" can be best answered by Belmont Thornton's specialist claims team.
How Many Individuals Report Payment Protection Insurance Claims Every Year
Research conducted by a well-known financial authority revealed that a mere 5% of the policies evaluated were sold legitimately, with the remaining 95% being mis-sold because of unethical persuasion or misinformation. Those policyholders must have been wondering "How do I claim back PPI". There were roughly 30,000 payment protection insurance claims lodged against unethical creditors who were found guilty of mis-selling PPI policies in 2009. This year, an anticipated 70,000+ borrowers will succeed in receiving payment protection refunds for funds that that were unjustifiably paid towards PPI premiums. Every year approximately 7 million PPI policies are taken out, resulting in the generation of approximately £5.5 billion in premiums for insurance companies and lenders that are involved in the underwriting of these policies. If you find these financial statistics starling, you may still be wondering "How can I claim back PPI?".
What are the Chances of Receiving a PPI Refund from Your Lender?
If your loan was financed by a major bank, you may also be asking yourself "How can I claim back PPI from such an established financial institution?" Fortunately, many high street banks have been fined as much as 7,000,000 pounds for widespread PPI mis-selling, and you have much better odds at success when attempting to claim credit card PPI payments back from the lender than you do in trying to acquire repayment assistance from the mis-sold PPI policy. PPI policies that were mis-sold and funded by the creditor as a non-recurring premium are most likely to be refunded according to FSA, but even so, you may want to pursue filing a claim through the expert services of a professional claims management company like Belmont Thornton so as to avoid unnecessary delays with the lender.
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