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Money Back from Payment Protection

Recently the High Court ruled on an appeal submitted by the British Bankers Association and as a result, bankers are still ordered to give money back from payment protection insurance that has been mis sold. The controversy started when the BBA protested the Financial Services Authority's right to rule on claims that were submitted against PPI policies that predated their jurisdiction over PPI. The BBA felt that it was unfair for the FSA to order lenders to issue PPI refunds from a time when they were not overseeing payment protection insurance. Fortunately for consumers who had been mis sold PPI, the High Court upheld previous rulings.

How Much Money Back from Payment Protection Can I Get?

Now that consumers are more confident in the fact that they can get their money back from payment protection, more and more claims are coming in. Last year, 2010, approximately 50,000 claims were processed and this year it is expected that mis sold PPI claims will top 70,000. The problem is, claimants are anxious to know just how much money back from payment protection they can expect with a PPI refund. The answer to that is that there is no way to tell how much of a refund you will get because each and every claim is different. It all depends on how much you have paid into the policy. Single premium loans are usually the easiest to calculate if you know what percentage you are being charged, the interest rate on the loan and of course how long you have been paying into cover.

Is It Hard to Get Money Back from Payment Protection?

It would be nice to tell you that it isn't difficult to get money back from payment protection but that wouldn't really be true. Although it should be easy it never really is. Think about this for a moment. It is the lender that mis sold PPI and the lender who will be reviewing your PPI claim. Do you honestly feel that the lender is going to readily admit to wrongdoing and that he or she intentionally mis sold payment protection to you? Of course not! So, more than 60% of all claims submitted to lenders are denied with only about 13 to 15% being approved for a PPI refund on the first submission. Some claims are sent back as incomplete which means that the borrower needs to include documents or other supporting information that is missing.

The claims team at Belmont Thornton can take the frustration out of filing a claim by taking the load off your shoulders. Filing a claim may not always be difficult, but there are times when it takes that added bit of effort to have it ready for the lender to review. If you aren't a patient person you may not have a good go of it either. Let Belmont Thornton act on your behalf as we have a no win no fee* policy which means that nothing will come out of pocket and you only pay when you win! To get started on claiming back PPI today, call 0207 471 2000 and a claim pack will be on its way to you within a day. Time may be limited so don't delay.

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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.

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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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