Loan Protection Repayment
If you've recently noticed that you have been charged for a loan protection insurance policy despite the fact that you're ineligible to receive policy benefits, you may want to consider filing a PPI claim against the lender that sold you the policy. Sadly, many cardholders aren't even aware of the fact that they are paying or have paid a significant amount towards a policy until their claims for benefits are denied by the insurance company. If you were told that your loan protection insurance was absolutely mandatory for loan approval, or that not purchasing the policy would reduce the amount that can be borrowed, your policy was mis-sold and should begin reclaiming loan protection repayment charges as soon as possible.
How Much Can a Loan Protection Repayment Amount To?
Even though PPI policies may easily constitute about fifteen to twenty-five percent of the original loan amount, no more than 15% of clients receive repayment assistance. During 2010 about 50,000 claims were submitted against dishonest banks that mis-sold PPI, and a projected 70,000+ debtors may attempt to claim back payments that were allocated towards mis-sold PPI policies this year. Every year since 2009, approximately 7 million PPI policies have been taken out, resulting in the generation of an £6 billion in premiums for insurance companies and lenders that are involved in the underwriting of these policies.
Claiming Back Loan Protection Repayment the Right Way
Since a PPI policy is usually attached to the overall loan amount it may not be possible to stop paying for it without defaulting. In fact, this is precisely why it is necessary to claim money back from loans with attached PPI policies by utilising the proven services of Belmont Thornton, the PPI Claim Company. The claims team will analyse your case by asking a few simple questions, and then determine whether it would be beneficial to proceed with the claims process. Since we work on a no win no fee* basis we'll only pursue claims cases that are likely to be honoured, and if we feel that you have a chance of claiming back loan protection repayment charges, you'll receive a free claims act in the post that will provide guidance on how to proceed with reclaiming PPI.
Odds of Receiving a Loan Protection Repayment
In 2006 several financial authorities conducted thorough investigations and studies into the mis-selling of PPI policies. The studies revealed that nearly 95% of the policies reviewed were mis-sold, which is a startling statistic considering there are more than 20 million PPI policies currently in existence in the United Kingdom, and each year several million more are sold, with approximately 40% of them being attached to mortgage loans alone. Furthermore, studies have shown that nearly 40% of policyholders are not even aware that they have the policy, and about 85% of policyholders are denied approval, giving PPI the highest claim denial rates of any insurance type.
blog comments powered by