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United Kingdom PPI

Payment protection insurance (PPI) has caused a significant amount of controversy since 2006 when the Citizens Advice Bureau (CAB) filed a super complaint with the Office of Fair Trading (OFT) against several major banks and insurance companies for underwriting and promoting the sale of mis-sold PPI policies. This complaint ultimately resulted in a heightened awareness of PPI mis-selling in the UK, causing many major financial institutions to be fined millions of pounds, and leading to the development of new guidelines that govern the sale of PPI policies. Although PPI is supposed to provide "protection" for policyholders that are unable to make repayments, the majority of PPI policies do nothing more than consume a portion of the overall loan amount and increase monthly repayments.

United Kingdom PPI Policy Statistics

With more than 30 million active PPI policies currently in existence in the United Kingdom, it is estimated that between 1 to 5% of policyholders have been successful in claiming back bank charges caused by PPI payments. However, of the policyholders that submitted a PPI claim against their lender, more than 90% have had their claims honoured. Contrarily, less than 15% of PPI policyholders are able to receive repayment assistance by filing a claim against the policy itself, and 95% of PPI policies reviewed by the Financial Ombudsman Service in 2007 were found to be mis-sold. Nonetheless, lenders continue to contribute to the United Kingdom PPI problem by offering policies that are both unsuitable and unnecessary for their clients.

Fixing the United Kingdom PPI Problem

The payment protection insurance industry has rapidly grown during the past half a decade into a $5.5 billion insurance sector that is solely responsible for generating the majority of profits for some lenders. In fact, the Citizens Advice Bureau found that the profits of some private lenders and brokerages consisted primarily of PPI commissions and the additional interest earned due to PPI policies. In an effort to reduce the amount of lenders that are mis-selling PPI in the United Kingdom several financial authorities have begun devising regulations that are enforced by strict penalties, and some high street banks have even been fined millions of pounds. Ultimately, if the United Kingdom PPI epidemic is to be solved it will be up to consumers to become more knowledgeable on the subject of PPI in order to avoid mis-sold policies.

Benefits of Using Belmont Thornton to Reclaim United Kingdom PPI

First and foremost, utilising the services of Belmont Thornton does not require any upfront investment and is therefore a risk-free commitment. In fact, even after your PPI claim has been submitted you won't have to pay anything unless you're able to claim back PPI. Furthermore, after you have submitted a quick claim form or participated in a free consultation, all you'll need to do is follow the instructions contained within the claims pack that we'll send you in the post, and within just a couple of weeks you may be able to obtain a complete PPI reclaim.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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