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Recovery of Bank Charges

Payment protection insurance (PPI) has garnered a lot of negative attention during the past six years, after several prominent financial authorities in the UK began conducting studies and research pertaining to the selling practices of lenders and insurance companies involved in PPI underwriting. Initially, in 2006 the citizens advice Bureau (CAB) launched a "super complaint" with the office of fair trading (OFT) pertaining to the rampant mis-selling of PPI in the United Kingdom. The aforementioned studies succeeded in shedding light on the extent of PPI mis-selling in the United Kingdom and have resulted in tens of thousands of UK residents in claiming back bank charges during the last couple years. If you're interested in claiming back bank charges caused by PPI payments you may want to consider the following information.

How Many People Are Filing Claims for the Recovery of Bank Charges Related to PPI?

Just about 30% of the complaints brought before the Financial Ombudsman Service (FOS) involve borrowers seeking the recovery of bank charges caused by PPI policies associated with loans or credit cards. Roughly 60% of the claims examined pertained to various kinds of loans, while the remaining forty percent pertained to mortgages and credit cards. Whilst PPI policies can account for approximately 15 to 25% of the total loan amount, less than 15% of policyholders receive help with repayments. Aside from reducing your monthly repayment costs and lowering the possibility of incurring significant amounts of debt, if you claim back PPI you'll have funds needed to repay debts that were supposed to be covered by PPI repayment assistance. Quite a few individuals having financial difficulties with below average credit are so worried about the possibility of being denied for the loan that they're almost forced to pay extra for a payment protection insurance policy without thinking twice.

How Much Can You Gain from the Recovery of Bank Charges?

Considering the fact that the cost of a PPI policy can be as much as 13 to 56% of the total loan amount, if significant portion of the original loan amount is usually refunded when an individual is successful in the recovery of bank charges caused by PPI payments. Most PPI claims cases are resolved rather quickly in favor of the borrower, as PPI is notorious for having the lowest claims ratio of any insurance policy - at only 20%. In other words, for every pound spent on a PPI premium, payment protection insurance companies pay out only £0.20! When the claims ratio of PPI policies are compared to that of other types of insurance (automotive insurance has a claim ratio of 74%) it is not surprising that the FSA has been scrutinising these policies for the past six years.

How to Begin the Recovery of Bank Charges Today

By filling out a quick claim form you can begin the process of reclaiming funds spent on PPI policies today. Utilising the professionalism of Belmont Thornton won't just guarantee a higher chance of succeeding in reclaiming payment protection insurance, it will also hasten the process of claiming back payment protection payments. The complete claims process may take anywhere from 2-8 weeks, determined by several variables, which includes the bank's openness to comply.

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