How to Claim Back Loan Charges
Payment protection insurance (PPI), also known as loan payment protection insurance, credit protection insurance, and a long list of other names, is a commonly mis-sold type of policy that is offered in combination with various types of loans, particularly unsecured personal loans. A PPI policy can carry a cost as high as 50% of the total loan amount, the cost of which is financed by the lender upon loan finalisation, and then repaid slowly by the borrower through monthly repayments (with interest added). According to the financial services Authority (FSA), since 2006 more than 100,000 UK citizens have figured out how to claim back loan insurance successfully.
Is Reclaiming PPI from a Bank Possible?
If you are nervous or intimidated about the process of disputing bank charges related to PPI, for fear that it may have a negative effect on your credit score, it should be noted that most PPI claims are ruled in favour of borrowers. In fact, with such a high rate of PPI mis-selling in the UK, the financial institution actually carries the burden of proof and must show that they sold the policy in accordance with Financial Services Authority guidelines. FSA research indicates that the majority of PPI policies in the United Kingdom were mis-sold, so borrowers that are trying to learn how to claim back loan charges this year have had tremendous advantage. Take comfort in the fact that several high street banks have already been fined millions of pounds and tens of thousands of consumers have gone before you in reclaiming PPI.
How to Claim Back Loan Charges Based on Coverage Requirements
The key to learning how to claim back loan charges is in understanding the grounds for a PPI reclaim. Although the eligibility guidelines differ depending on the policy conditions and terms, the majority of policyholders will never be awarded benefits because of alleged coverage ineligibility. Borrowers should have been deemed ineligible for PPI policies if they were enrolled in a full-time education, were older than sixty-five or younger than eighteen, received their livelihood through a home business, or already had an equivalent policy taken out with their employer when the loan was applied for.
How to Claim Back Loan Insurance without an Additional Investment
Fortunately, by filling out our quick claim form you can receive a claims packet into post that will teach you how to claim back loan insurance using our services, without having to spend any money up front. Because we are so confident in our ability to obtain PPI refunds for our clients we regularly work on a no win no fee* basis. Although it is not possible to fully guarantee a successful claims process, we can ensure that our success rate exceeds that of even our closest competitors! To speak with a member of the claims team about filing mis sold PPI to reclaim bank loan charges, call 0207 471 2000 today or fill out the brief contact form for a call back within 24 hours. The sooner you get started, the sooner you can claim back what is yours!
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