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Personal Loan Claim

One of the aspects of the personal loan is that it is usually not secured so the person must first of all have good credit and secondly be willing and able to pay for a loan that may carry a higher interest rate. Since personal loans are usually more expensive than secured loans such as mortgage loans or automobile loans it can already be difficult enough to make timely payments. However, when payment protection insurance is added on top of an already high interest rate it makes it all the more costly to pay for that loan. The situation is made even worse if the policy is mis-sold as it means the customer is paying a high price for something they may never be able to use.

The Cost of PPI on Personal Loans

Payment protection insurance is just as expensive on personal loans as it is on any other type of loan and each loan will cost more or less depending on the amount which was borrowed. The cost usually runs anywhere from 13% to 25% of the total amount borrowed. If a personal loan is taken out for an amount of 10,000 pounds then the consumer can expect to pay as much as 11,300 to 12,500 pounds when adding the cost of PPI on to the borrowed amount. Not expecting to make such high payments every month some consumers realize they have been mis-sold PPI simply because of those high payments. It is often difficult to cancel the loan insurance so, for some, their only option is to file a personal loan claim against the lender for a refund. If personal loan claim is handled in the same way that any other claim against mis sold PPI is handled.

Personal Loan Claims against the Lender

The number of personal loan claims against lenders is growing by the day because public awareness is also growing. Consumers in the UK are learning to check every single loan they have taken out within the past decade to see whether or not they have been mis-sold PPI cover. A PPI claim should be reviewed in a reasonable amount of time, usually eight weeks.

If you need assistance making it personal loan claim against a lender because you were mis-sold PPI cover you can and list the assistance of Belmont Thornton. There is an experienced claims team that will handle filing all claims and carrying on all communications so that everything is handled in a timely manner. To find out more about the services available you can contact the claims team on 0207 471 2000


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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 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.

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