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Loan Protection Payback

Amidst growing concern over payment protection insurance many UK consumers are now questioning how to see if they have been mis sold PPI and if so, how to go about getting a loan protection payback. We are hearing that many people are receiving thousands of pounds in refunds and it would be nice to know if we can claim back the money we spent on PPI. However, the first order of business is to determine whether or not you were actually mis sold PPI. If this is the case, you could indeed qualify for a loan protection payback but you need to be very careful how you approach it.

Can I Stop Paying PPI If It Has Been Mis Sold?

Once you determine that PPI has been mis sold the first thing that you are probably thinking is that you will simply stop paying for it. After all, it was sold against the rules and they can't make you pay for it right? Wrong! You need to go through proper channels to get it removed from your loan by filing a claim for loan protection payback. Only after your PPI claim is approved would you be able to stop paying for mis sold PPI but there is more to the story than that. You need to remember that the lender added payment protection insurance as a onetime premium to your loan which means that the loan repayments and the PPI are all lumped together each month. If you just take it upon yourself to stop paying you will default on your loan and we wouldn't want you to do that now would we?

So, How Do I File for Loan Protection Payback?

Now that you understand that you simply can't stop paying on your loan you want to know how to get your money back and stop paying mis sold PPI in the future. The only way to do that is to file a claim with the lender who by rights has a certain amount of time to review your claim. However, there are various time limits for specific matters relating to the PPI claims process and it would be well to use a professional claims management firm such as Belmont Thornton, Belmont Thornton, to ensure that all claims and appeals are filed timely. The best way to file a claim for a loan protection payback would be to enlist the services of a claims management team like ours as there are standardised forms to be completed as well as timelines which need to be monitored. Bear in mind that you have time limits in some areas as well! Both you (the claimant) and the lender need to adhere to rules and regulations established by the FSA and this is a part of what we can help you do.

If you would like further information on how to get a loan protection payback, call Belmont Thornton's specialist claims team on 0207 471 2000 or simply fill out the brief contact form on this site. A claims team member will contact you within 24 hours to answer any questions you might have and to get you on the fast track to filing that claim. Remember, you can't get a loan protection payback unless you file that claim and we can help you do just that!


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