Loan Protection Complaints

Payment protection insurance claims have become the spotlight of several financial authorities in the UK since 2006, as it has been revealed that the majority of these policies are mis-sold by lenders in an attempt to increase profits. With the majority of PPI policyholders being denied benefits the drastic increase in the number of loan protection complaints during the past several years is not surprising. Fortunately, 95% of the complaints from for the Financial Ombudsman Service are honoured, so The PPI Claim Company is confident enough to operate on a no win no fee* basis. In other words, you won't have to pay anything unless you're able to receive a full refund for all of the money that has been spent on a PPI policy without your consent or eligibility.

The Increase in the Number of Loan Protection Complaints in the Past Several Years

There were around thirty thousand PPI claims lodged against unethical banks that were found guilty of mis-selling PPI policies during 2009. During 2011 more than 70,000 people may try to claim back payments that were allotted towards mis-sold PPI policies, and the amount of annual payment protection refunds is expected to reach approximately 100,000 UK residents during the next couple years. An additional 7 million PPI policies are sold each year, resulting in the generation of approximately £5.5 billion in premiums for insurance companies and lenders that are involved in the underwriting of these policies. There are currently an estimated 20 million PPI policies active within the United Kingdom alone, with more than a third of them being associated with credit cards or mortgage loans.

Financial Authorities That Review Loan Protection Complaints

There are three main financial authorities in the UK that are responsible for monitoring payment protection insurance and reviewing loan protection complaints - the Citizens Advice Bureau (CAB), the Financial Ombudsman Service (FOS), and the Financial Services Authority (FSA). The Citizens Advice Bureau is the organisation that was originally responsible for drawing a significant amount of attention towards PPI mis-selling after filing a "super complaint" against the entire sector in 2006. Following this complaint the Financial Services Authority and FOS conducted similar studies and released reports throughout 2007, 2008, and 2009.

Filing Loan Protection Complaints against Lenders That Mis Sell PPI

Beginning the PPI claims process is as simple as filling out a PPI inquiry and taking part in a no-risk consultation with a PPI professional. Belmont Thornton has the experience, expertise, and knowledge needed to help you reclaim PPI payments within 8 weeks. While the process of seeking retribution from an established financial institution can certainly be intimidating, with the assistance of Belmont Thornton you have a fairly good chance of succeeding, and many major banks have already been fined millions of pounds for PPI mis-selling.

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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.