Recovering PPI
If you've recently noticed that you are being charged for some type of insurance policy on your monthly loan statement, you might be paying for a payment protection insurance (PPI) policy unknowingly and may want to consider a PPI reclaim. Sadly, many borrowers don't even realise that they've spent a significant amount on a PPI policy until the insurance company denies their requests for policy benefits due to "ineligibility". If you were told that your payment protection insurance (PPI) was mandatory or that purchasing the policy could possibly improve your chances of being approved for the loan, your lender inappropriately mis-sold the policy, and you may want to attempt to recover PPI.
How Many Consumers Are Able to Recover PPI Each Year?
Each year the number of UK residents who attempt to recover PPI increases, with about 50,000 PPI claims filed during 2010 alone. This year the Financial Ombudsman Service expects that number to increase to at least 70,000. The high number of honoured PPI claims in the UK is likely the result of the heightened attention pertaining to the mis-selling of PPI. When the claims ratio of PPI policies is compared to that of other types of insurance (household insurance has a claim ratio of 55%) it is not surprising that the FSA has been investigating these policies for the past six years. As an example of the exorbitant price of a policy, a £10,000 personal loan can carry a PPI policy that costs as much as £5,600, which means that consumers who are able to recover PPI can receive as much as that in a PPI refund.
How Difficult Is It to Recover PPI?
Provided it is proven that the PPI policy was mis-sold, either by means of deceit or persuasion, you should be able to recover PPI. If you believe that you were not sufficiently notified of the policy's coverage/eligibility requirements and the cost involved or were actually ineligible for the policy upon finalisation of the loan, you may want to attempt to recover PPI. You may also be able to recover PPI payments if your lender mis led you into believing that the policy was mandatory for loan approval or that it could somehow affect the loan amount given.
What Do You Need to Do to Recover PPI?
To begin recovering PPI today simply fill out the contact form and you'll receive a call back within 24 hours followed by a claim pack in the post within a couple of days containing detailed instructions on how to proceed with the PPI reclaim process. Alternatively, you may also want to consider requesting a complimentary consultation with a PPI claim specialist. By simply making a couple of uncomplicated inquiries in relation to the amount borrowed, loan type, and the lender accountable for mis-selling the policy, Belmont Thornton will analyse your case and offer helpful guidance for claiming back PPI payments. After taking part in that free consultation and filling out the claim pack sent by the claims team, the actual claim procedure will begin in earnest. Although there is no guarantee how long it will take, we have found that the average length of time is roughly 6 to 8 weeks.
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