How to Reclaim Missold PPI
For many years now payment protection insurance has been sold to a great number of people in the UK who applied for any type of a loan or line of credit. This has been common place and it hasn't been until recently that the practice has been so widely questioned. Today there are millions of people trying to find information on how to reclaim missold PPI. It goes without saying that lenders are not happy about all these payment protection claims and are doing everything in their power to procrastinate apparently with the goal of denying them. For advice on how to reclaim missold PPI it seems that perhaps you have stumbled on the right website. We, at Belmont Thornton, are dedicated to helping people who have been victims of missold PPI claim their money back.
How the Process Is Started
The very first thing which is done in a process detailing how to reclaim missold PPI is to prove that is was indeed missold in the first place. There are so many different ways to go about the miselling of PPI that proving it is usually not that difficult, but may require a professional to help substantiate the claim. This of course does not mean that everyone who was missold PPI will win their case, but it does mean that gathering proof and having strong evidence is a step in the right direction. The first thing that we do here at Belmont Thornton is help you get your claim underway. The faster your claim is submitted for review the faster you will see it settled.
Why Was My PPI Claim Denied?
This is one of the most vital pieces of information when you are looking for proof that your PPI was missold. If you filed a claim to have your PPI pick up your loan repayments only to have them tell you that you are ineligible for cover, try to get that denial in writing as it will substantiate your claim. This is typically when people become angry or get concerned. It is also when most borrowers start trying to figure out how to reclaim missold PPI.
What is the Average Refund?
Not only is how to reclaim missold PPI an important question, but many also want to know how much they may get back. The average refund is about £2,500. However, there are cases in which less or more than that figure may be received. There are several factors which play a role in how much your refund will be. First, were you paying for PPI on more than one loan, resulting in more than one claim? How long have you had the loan and been paying the PPI? Those are just a couple of the factors that may play a role in the refund you are entitled to.
Once you have started your claims process, after having learned the answer to how to reclaim missold PPI, the process usually takes anywhere between 2 and 8 weeks, but you should not be too hopeful that it will be the smaller number! Of course this could vary and there is no guarantee as to how long it will take to get your claim settled, but this is a general idea of how long claimants are reporting it took to resolve their claims.
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