Loan Protector Insurance Premium
Payment protection insurance (PPI), also referred to as loan insurance, is often sold in conjunction with a loan or credit card by lenders looking to earn higher profits by increasing the overall loan amount. A typical PPI policy can cost anywhere from 13 to greater than 56% of the total loan amount, however cardholders usually pay monthly charges that are equal to about 2 to 3% of the current account balance. As an example of the excessive cost of a payment protection insurance policy - a £10,000 personal loan can carry a PPI policy that costs as much as £5000 or more, which is a significant refund that can provide significant assistance with repayments for borrowers that file payment protection claims successfully.
How Common Are Loan Protector Insurance Refunds?
Information publicised by the Financial Services Authority (FSA) exposed that just five percent of the policies assessed were actually sold legitimately, with the other ninety-five percent being mis-sold via unethical persuasion and/or misrepresentation. With such statistics in being released each year, widespread mis-sold PPI has become evident, so the pressure and burden of proof are actually on the lender that mis-sold the loan protector insurance policy more than the borrower. Filing a loan protection reclaim is a lot easier now that various financial authorities have revealed evaluations pertaining to the careless sale of PPI policies in the United Kingdom. In general, you have much better odds at success when attempting to claim credit card PPI payments back from the lender, than you do in successfully filing a claim against the mis-sold PPI policy.
How to Reclaim a Loan Protector Insurance Premium
given the fact that a loan protector insurance premium can cost as much as 50% of the overall loan amount, it is not surprising that 50,000 UK residents filed payment protection claims last year alone. Starting the Payment protection insurance claims process is as simple as completing a PPI inquiry and taking part in a much-needed consultation with a PPI claim specialist. Belmont Thornton has developed the resources needed to guide you through the PPI claims process as quickly and effectively as possible. In addition to lowering your monthly repayment costs and reducing the likelihood of going into debt, reclaiming loan protection can give you much-needed assistance in repaying debts.
How Long Will You Have to Wait for a Loan Protection Insurance Refund?
The entire process of reclaiming PPI usually lasts anywhere from one to two months, determined by multiple variables, which includes the lender's eagerness to comply. After contacting a PPI claim specialist and requesting a free consultation you should be given a detailed response in less than a day, after which you can decide on whether you'd like to carry on with a complaint against the financial institution. Using the services of Belmont Thornton can enable you to receive an response to your claim much more quickly because the team will stay on your lender until he/she reaches a decision and that is what good representation is all about.
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