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Loan PPI Refund

When you are in the position of needing to take out a loan it is often upsetting to think about just how much that money will end up costing you in the end after paying finance charges, loan origination fees, interest and sometimes even brokerage points. However, when you are asked to take out a loan on top of a loan all in the name of payment protection it is even more difficult to cope with. That's exactly what lenders are asking you to do when you are coerced into buying payment protection insurance. Take comfort in the fact that if you have been mis sold PPI then you can file for a loan PPI refund.

How to File a Claim on Mis Sold PPI

It can't be emphasised enough that you need to demonstrate that payment protection insurance was mis sold or misrepresented in some way before you can file for PPI refunds. A loan PPI refund claim will ask that the lender pay back what you have paid towards the insurance premium and sometimes that request will also include any amount paid in interest as well. The claim for a loan PPI refund is filed directly with the lender or insurance producer who mis sold the cover. Keep in mind that the lender/producer has a certain length of time to review and respond to each claim and must also weigh the merits of each loan PPI refund claim based on the merits of that claim. It would be nice if the claim procedure stopped here but in the real world you need to steel yourself for the eventuality that you will need to file an appeal with the Financial Ombudsman Service which is almost like starting back from the beginning.

How Much Can I Expect to Be Refunded?

Since each claim for a PPI refund is weighed individually, this includes the amount that is to be refunded as well. Not all PPI policies cost the same amount as they are assessed on a percentage of the loan amount and also at varying rates. Payment protection insurance costs anywhere from 13% to 56% of the loan amount and the amount you will request for a loan PPI refund will be based not only on those two figures but also on how long you have been paying on it. Therefore, someone who took out a £100k loan at the rate of 15% would be paying significantly more than someone who borrowed £15k at a rate of 13%. Even so, that may not necessarily be true when you factor in how long both consumers have been paying on their insurance. A loan PPI refund needs to account for those factors amongst other variables.

If you feel that you are the victim of mis sold PPI, take a few moments to speak with Belmont Thornton's knowledgeable specialist team. The initial consult is free of charge and you could be on the fast track to filing a loan PPI refund claim. Call us on 0207 471 2000 today and your claim pack will be in the post to you within just 24 hours.


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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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