Belmont Thornton Logo
Claim Back Loan Insurance

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.


Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* 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.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide