How to Claim PPI Refunds
The average consumer in the UK probably has some form of loan active at any given time. Whether it is a home loan, a car loan, a personal loan or even a store card or revolving line of credit (credit card) from one of the major card companies, the point is, most UK consumers are indebted to a lender. Because of this, most of them have also been exposed to payment protection insurance and may have even been mis sold an insurance policy! The news is not good and it appears as though at least 60% of all policies sold in the UK within the past decade have been mis sold, prompting consumers to question how to claim PPI refunds.
What to Do When You Realise You Were Mis Sold PPI?
Of course you will be asking how to claim PPI refunds if you have been mis sold payment protection insurance but there is a process to be followed in order to file successful PPI claims. Beginning with understanding just how the lender mis sold PPI to you and then determining just how much you paid back, working your way through how to claim PPI refunds is often a tedious endeavour. Depending on what type of loan you have, it could take quite a bit of effort calculating how much you were charged. Single premium loans such as mortgages or personal loans are easier to estimate how much is due back in a PPI reclaim than would be calculating a refund for a revolving line of credit. The reason for this is quite simple. You are charged a different premium every month based on the outstanding loan balance!
After You Know How and How Much
Figuring out how to claim PPI refunds gets a bit more frustrating once you have figured out how you were mis sold and how much was taken from you in premiums and interest. (One aside is called for here. Remember that when you are making monthly repayments on those premiums you are also getting charged interest at the same rate you are being charged for your loan.) After you are armed with how you were mis sold and what you should have coming back to you, it's time to do battle. Even though you can file a claim on your own with your lender, be prepared to have your claim denied. The average denial rate is 60% but keep in mind that some lenders are denying most claims whilst others are approving a higher rate. If you are one of the unlucky ones whose lender is denying greater than 60% of the loans they review you will want to reinvestigate how to claim PPI back.
Actually, the easiest way to file a claim on mis sold PPI is to utilise a professional claims management company. Belmont Thornton, Belmont Thornton, holds a Consumer Credit Licence in the UK, is registered with the Ministry of Justice and has helped to successfully file thousands of PPI claims. If you want advice on how to claim PPI refunds, call the claims team today on 0207 471 2000.
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