How to Get Bank Charges Reversed
After you have found that you have spent an inordinately large amount of money on mis sold PPI you set about filing a payment protection claim in order to try to understand if this is how to get bank charges reversed. It is bad enough that you were asked to spend that much money on a cover that was virtually nonexistent without being asked to pay such high premiums for it. This is one of those times when the old cliché 'adding insult to injury' is most appropriate. Lenders are making it a habit of charging unreasonably high premiums for a cover that is none existent and expecting us to pay it.
Combined Efforts of CAB and FSA
Through the combined efforts of the Citizens Advice Bureau and the Financial Services Authority, efforts are being made to teach consumers how to get bank charges reversed after they have found their loan carried mis sold payment protection insurance alongside it. This is perhaps one of the worst travesties perpetrated by the lending industry and it could well be one of the biggest UK financial rackets of all time, according to CAB. Even with the combined efforts of two such prestigious and visible organisations, there are still too many mis sold PPI policies out there. Both entities have been active in fighting mis sold PPI for more than six years now and it appears as though only the tiniest amount of headway has been made. In fact, lenders are not doing their part so legislation is getting tougher and penalties are becoming much more severe on those who break the rules.
Learning How to Get Bank Charges Reversed
Depending on just which type of loan is in question, there are various approaches when considering how to get bank charges reversed. For example, those loans which carried a single-premium PPI policy would need to be calculated based on the total number of payments as calculated in the loan's amortised schedule. On the other hand, any revolving lines of credit (credit cards) issued by a bank would have premiums that are variable based on the outstanding balance carried forward from the previous month. Some lenders (not many) may not charge an insurance premium if the balance is naught whilst others may charge a minimum fee during those months. In any case, learning how to get bank charges reversed actually depends on the type of loan in question.
Some consumers just don't want to put forth the effort to learn how to get bank charges reversed whilst others simply don't have the time. Fortunately, there are claims management firms such as Belmont Thornton, Belmont Thornton, that are in business for the sole purpose of helping borrowers who were mis sold PPI in discovering how getting bank charges reversed can yield the refund they deserve. For information on how we can help, call 0207 471 2000.
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