How to Claim Back Payment Protection Insurance
Payment protection insurance (PPI) has quickly become one of the most notorious insurance types in the UK, with a claims ratio that is lower than that of any other type of insurance. In other words, a PPI policyholder is less likely to have their claim honoured than any other type of policyholder, which is somewhat startling considering the fact that many falsely depend on PPI benefits in times of need. Rather than honouring a reasonable amount of claims each year, insurance companies insist that it is the fault of lenders for not verifying the eligibility of their clients. Filing a payment protection claim will let you recover all of the funds allocated towards a mis-sold PPI policy premium. Consider the following paragraphs to learn how to claim back payment protection insurance.
Solving the PPI Epidemic
Reports published by the Financial Services Authority (FSA) have shown that some private lenders rely heavily on profits earned through PPI, and some even earn the majority of their income through PPI policy commissions. When a lender sells a PPI policy they're given a significant percentage of the policy premium, which can cost as much as 56% of the total loan amount. In an effort to eliminate such unfair practices the FSA and several other authorities, including the Citizens Advice Bureau (CAB) and the Financial Ombudsman Service (FOS), have begun issuing guidelines for PPI selling. If you feel as though your lender did not adequately inform you of the PPI policy terms and conditions, or failed to notify you of its existence at all, you may want to fill out a quick claim form to receive a claims packet in the post that will teach you how to claim back payment protection.
Common Claims Do We Deal with on a Regular Basis?
Despite the fact that there are currently 20 million active PPI policies in the UK, only about 1% of policyholders have learned how to claim back payment protection successfully. Approximately 50,000 PPI claims were filed during 2010, with only 31,000 being reported the year before. Before 2006 there were less than 5000 PPI claims per year. This drastic increase in PPI refund during the past six years can be attributed mostly to an increased awareness of PPI mis-selling. While financial authorities have begun recognising the unfair practices of lenders, many consumers still don't know how to claim back payment protection insurance.
Reasons to Use Belmont Thornton
Belmont Thornton has the skills and expertise needed to teach you how to claim back payment protection insurance with minimal hassle and no obligations. Starting the process of claiming back PPI is as straightforward as completing a claim form and taking part in a complimentary consultation with a PPI claim specialist. Although it is not possible to fully guarantee full compensation, we can promise that you will not be obligated to pay for our services unless we are able to facilitate a PPI refund.
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