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Loan Protection Reclaim

If you think filing a loan protection reclaim for money you paid into mis sold PPI will be as simple as writing to your lender, there are some things you need to know about what is currently going on in terms of payment protection claims. It isn't going to be easy simply because lenders are still backed up due to the appeal the British Bankers Association (BBA) filed earlier this year and also because of other applicable legislation which is taxing lenders even further than they currently are. However, filing a loan protection reclaim can be made easier with a bit of help.

BBA Appeal Shot Down

Earlier this year the BBA appealed certain rulings that they felt were unfair to bankers amongst other lenders. Although it isn't really important what they were objecting to, part of it was in reference to claims coming in on policies dated before the FSA was placed in authority in 2005. Their contention was that the FSA had no authority over loan protection reclaim on policies that predated their jurisdiction. The High Court ruled against the BBA who said they would appeal no further. However, many bankers were violating regulations regarding time limits for reviewing payment protection claims which set them back significantly. Now there is such a backlog of claims that the BBA announced British bankers would be hiring as many as 6,000 new workers to help carry the loan protection reclaim load.

Understanding the Claims Process Itself

Part of the problem with filing a mis sold PPI claim is the actual process itself. It is necessary to be able to clearly state how you feel you were mis sold PPI since that is the actual basis for the claim. If the policy wasn't misrepresented or mis sold in some way you simply don't have the grounds necessary to file the loan protection reclaim in the first place. Don't think lenders are going to go quietly into the night as they will have an objection to or an answer for anything you can throw at them unless you have all your facts straight. You may also need to understand that bankers are denying at least 60% of the claims they are reviewing which in turn makes it necessary to file an appeal with the Financial Ombudsman Service. In the end, filing a loan protection reclaim means hustling to get it filed and then waiting to get it answered.

There is an easy way to file a claim however as Belmont Thornton has a team of claims specialists who can handle your claim from the beginning all the way to appeals, if that should become necessary. We pride ourselves in working on a no win no fee* contingency and will not ask for a sizeable retainer as would a solicitor. If you have any questions for the team, simply give them a call on 0207 471 2000 and a member of the team will be happy to assist you. Don't forget to ask about our fast track approach.

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Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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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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