Belmont Thornton Logo
Claim Back Loan Insurance

Loan Protection Time

If borrowers were not required to submit monthly loan repayments by a certain date in order to avoid penalties or default it would not be so important to receive repayment assistance in a timely manner from a PPI policy. Payment protection insurance (PPI), also known as loan protection insurance, is supposed to provide cover in the event that a policyholder is unable to make repayments towards their mortgage, credit card, or loan. However, not only are a small percentage of policy claims honoured by payment protection insurance companies, it also usually takes many weeks for benefits to be given to a small percentage of policyholders.

Loan Protection Time Constraints

If you were mis-sold payment protection insurance by a private broker or lender then you may want to reclaim PPI as quickly as possible, in order to prevent the possibility of being left without reimbursement in the event that the lender goes out of business. Other than this precaution, there are no regulations that require a borrower to file a PPI claim within a certain period of time after taking out the loan. However, given the fact that most of the scrutiny towards PPI has taken place during the past six years, some analysts believe that borrowers that have a mis sold PPI policy that is less than six years old have the highest chances of receiving a full refund.

Loan Protection Claim Time Requirements

According to regulations issued by the Financial Services Authority (FSA) a financial institution or lender has approximately 8 weeks to review the claims filed against them related to mis-sold PPI before legal action is taken. Although it would be best to file a claim to receive a refund for mis-sold PPI as soon as possible, there is no formal statue of limitations in place to protect lenders. In other words, even if the PPI policy was taken out five years ago it may still be possible to receive reimbursement for PPI payments. In fact, with the help of a professional PPI claim, like Belmont Thornton most consumers are able to receive cooperation in the form of full reimbursement from their lenders. In most cases, it is more feasible that you'll succeed in recovering PPI payments from the bank within a shorter time period than it would take to directly file a claim with the lender that provided the mis-sold PPI policy.

Loan Protection Time Statistics

While the majority of PPI claims are honoured within one month, the claims process can range anywhere from two weeks to eight weeks. As various financial authorities in the UK have begun recognising payment protection insurance mis-selling as a common problem, reclaiming payment protection has become less of a challenge. Mis sold payment protection policies that were paid for by the creditor with a single premium have the highest reclaim rates. Reports published by a prominent financial authority found that a mere five percent of the PPI policies evaluated were sold properly, with the remaining ninety-five percent considered to be mis-sold because of deceitful persuasion and misrepresentation. Given the influx of honoured PPI refunds during the last six years because of heightened exposure by various financial authorities, all of our clients have an excellent chance of receiving full compensation during 2011.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
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 number 18273

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.

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