Personal Loan Insurance Refund
At the best of times payment protection insurance is extremely costly but when you were unaware that a bank was adding it to the amount of your loan so that your monthly payments would be considerably larger this just adds insult to injury. Because so many people in the UK were simply unaware that they were purchasing payment protection insurance thousands and thousands of complaints have been registered with the Financial Services Authority. Even so it personal loan insurance refund would need to be filed in the proper manner in order to obtain compensation for money you should not have been paying.
Filing for a Personal Loan Insurance Refund
Whilst many people believe they need to file a PPI claim against the insurance company it was not the insurance company that sold you the policy. It was the bank and it is with the bank that you need to file for a refund on mis-sold loan protection insurance.
Appealing the Bank's Decision
If your bank rejects your claim you will need to file an appeal with the
Financial Ombudsman Service. There are a number of forms which must be filed along with your request for an appeal among which are the original loan documents. This is why you are advised never to include your original documents along with your loan insurance claim to the lender, especially if the loan is more than six years old. The law only requires lenders to keep a hard copy of loan documents for a total of six years after which most lenders dispose of them. Because there are so many things to bear in mind when filing an appeal many consumers find that leaving this in the hands of a PPI claims company eliminates a good deal of their frustration.
It is not going to be easy to obtain a personal loan insurance refund even at the best of times so you may want to consider hiring a PPI solicitor or a PPI claims company to act on your behalf. Many people find that working with a PPI claims company is much more to their liking simply because solicitors expected fee up front and are very expensive along the way. Contact the claims team of Belmont Thornton to get started today on filing your claim for a personal loan insurance refund.
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