Unfair Interest Charges
Payment protection insurance (PPI) is supposed to provide coverage to borrowers when they're unable to make repayments towards their loan for covered reasons. However, almost 90% of policyholders never receive assistance when attempting to file a claim against their policy, either because they were ineligible or already had another PPI policy without knowing it. Perhaps even more surprising is the fact that a large percentage of these borrowers were not even aware of the fact that they had a payment protection insurance policy until they were forced to file a claim against the policy unsuccessfully. Fortunately, it is possible to reclaim the bank charges, credit card charges, and loan charges caused by a mis-sold PPI policy.
How to Claim Back Loans PPI Payments
To claim back payments made towards a PPI policy you will need to consult with a PPI specialist to describe your case and receive a quote on how much you may be eligible to receive as a PPI refund. Once your case is brought before the necessary authorities and a PPI attorney has worked on your behalf to negotiate with your lender, you'll be able to receive compensation within just a couple of weeks. In addition, a good PPI claim company will not charge you for their services unless they are able to facilitate a successful claims process, and even then the payment is a nominal fee in comparison to the money that could be lost due to debt caused by a defaulted loan.
Claim Back Loans PPI Interest Rates
Not only will lenders use PPI policies to boost the overall loan amount, the policy payments also accrue interest along with the loan, thereby increasing interest payments for the lender. However, when you claim back loans payments that were allocated towards the policy, you'll be eliminating the additional interest that would have to be paid each month. Thus, you're not only receiving compensation for funds already spent, you're also lowering your total monthly costs in the future. Reclaiming PPI payments is a far more logical course of action then attempting to pursue assistance from a payment protection insurance company, especially when considering recent statistics in court judgments.
Is it Common to Claim Back Loans Originating from PPI Policies?
During the past 12 months more than 50,000 residents of the United Kingdom have had to claim back loans caused by PPI policies that were mis-sold or attached to their original loan without their consent. More than 80% of the complaints were honored without a significant effort on behalf of the policyholder. In fact, you're more likely to receive a PPI refund from the lender than to have your PPI claim honored by the insurance company. A large percentage of individuals that reclaim PPI payments have their loan conditions restructured to include lower interest rates, or have the loan moved to a different lender.
If you feel that you have been mis sold payment protection insurance and would like to file a claim, talk to the specialist claims team at Belmont Thornton, Belmont Thornton. Within a day that can have the quick claim pack in the post to you so that you can be on the fast track to claiming back unfair interest charges.
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