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Refund on Payment Protection

Anyone who has heard the news of late is aware of the fact that literally billions of pounds are waiting to be refunded to UK consumers who had the misfortune of being mis sold PPI. Actually, there are probably a great number of people who wouldn't have known that they could claim a refund on payment protection if the British Bankers Association (BBA) hadn't made such a fuss over their appeal of recent legislation. Because this was big news, more and more people became aware of the fact that PPI refunds were being awarded to anyone who could prove they had been mis sold payment protection insurance in the last six to ten years in some cases. Now, record numbers of people are asking for a refund on payment protection.

What Bankers Were Objecting To

The commotion all seems to have stemmed from the fact that the Financial Services Authority was placed in charge of administrating PPI as of the year 2005. Since there is no statute of limitations in claiming mis sold PPI, borrowers could file for a refund on payment protection that was sold as far back as the late 1990's. Bankers held that this was unfair in that the FSA didn't have authority over the matter previous to 2005 and thus should not be allowed to rule on claims dating back prior to that time. Fortunately for UK consumers, the High Court upheld legislation but the damage had already been done. Anyone who read the news was now aware of the fact (if they hadn't been before!) that they could file for a refund on payment protection that had been mis sold.

Claiming Mis Sold PPI

When filing mis sold payment protection insurance to claim for a PPI refund, you will need to authenticate that you had indeed been mis sold loan insurance. There are a number of reasons you could cite, amongst which are the following:

  • You were told the loan depended on purchasing payment protection
  • You were told you had to purchase PPI offered by the lender (no competition)
  • You were not told PPI was being added to your loan
  • The lender did not disclose conditions/exclusions/price clearly, if at all.
  • The lender did not interview you to see if you were eligible

Those are not all of the reasons you can claim mis sold PPI to file for a refund on payment protection, but they are amongst the most common.

If you feel that you have been mis sold PPI and are due a refund on payment protection, contact Belmont Thornton to help you file a claim today. The claims team can answer any questions you have and can have a claim pack in the post to you within just 24 hours. Although there is no statute of limitations, there are some time limits which may apply. Get on the fast track to filing mis sold PPI and join millions of UK consumers who have successfully claimed back unfair bank charges. The number to call is 0207 471 2000.


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