How to Claim Back Loan Interest
Payment protection insurance (PPI) has been receiving a lot of criticism lately, primarily due to how many claims are denied by insurance companies because of coverage ineligibility. In fact, in comparison to every other type of insurance PPI offers the lowest claims ratio, with the industry as a whole paying out only £.20 for every pound spent on PPI premiums. Given such statistics it is not surprising that many consumers are learning how to claim back loans with attached PPI policies. To provide an example of how excessive the cost of a PPI policy may be - a £22,000 personal loan can carry a PPI policy premium as high as £7,000 - £10,000! Consider the following information to learn how to claim back loans caused by PPI premiums.
How to Claim Back Mis Sold PPI - Grounds for Reclaim
Anyone that was sold a PPI policy despite the eligibility prerequisites should make an attempt to reclaim PPI payments immediately, as almost anyone that can present evidence or adequate suspicion of PPI mis-selling should be successful in reclaiming money spent on PPI. If you are under the impression that you were not sufficiently told about the policy's coverage/eligibility requirements or were indeed ineligible for the PPI policy when you signed for the loan, you might want to learn how to claim back mis sold PPI with the help of Belmont Thornton.
Significant Facts about PPI
While payment protection insurance policies may comprise anywhere from 13 to 56% of the total amount borrowed, as few as 15% of policyholders will obtain help with repayments. Two years ago over thirty-one thousand payment protection claims were filed against dishonest lenders that were found to be liable for mis-selling payment protection insurance policies, and reports suggest that by the end of this year that number could double. 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 sale of these policies.
Payment Protection Claims Being Honoured More Frequently
Since 2006 many financial authorities in the UK have started recognizing PPI mis-selling as a common problem, making it easier for consumers to learn how to claim back loan interest caused by PPI premiums. In addition, as Belmont Thornton continues to gain experience in teaching consumers how to claim back loan interest, the claims process becomes slightly simpler for each new client. Since a PPI premium can consist of as much as half of the total loan amount, the interest that accrues on the premium alone can add up to a significant amount.
To recover all of the funds spent on the PPI policy you may want to learn how to claim back loan interest as per the advice of a professional PPI claims company such as Belmont Thornton who also operates on a no win no fee* basis. Simply call 0207 471 2000 to speak with a highly knowledgeable member of the claims team today.
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