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Unneeded Payment Protection

A lot of borrowers who are desperate for financial assistance may be willing to purchase a PPI policy based on the advice of their lender. However, it should be noted that less than 15% of policyholders are given repayment assistance in times of need, leaving the rest to either default on their loan payments or seek repayment assistance by filing a PPI claim against their lender. Payment protection insurance (PPI) is supposed to provide protection from loan defaults by helping borrowers make repayments when they are unable to do so due to unemployment or illness. According to regulations set forth by the Financial Services Authority (FSA) lenders are required to ensure that their clients are sold PPI policies that are ideal for their coverage needs. If you're interested in reclaiming PPI, consider the following information.

The Increasing Sale of Unneeded Payment Protection

Payment protection insurance policies have become extremely common in the United Kingdom, with approximately 7,000,000 new policies being sold each year, and an estimated 40 to 50,000,000 currently in existence. During 2010 alone there were over 200,000 formal complaints filed with the financial ombudsman service (FOS), and more than 50% of those complaints were directly related to mis-sold PPI policies. Unfortunately, the prevalent mis-sale and questionable underwriting of PPI policies in the UK is directly caused by the greed and negligence of lenders looking to earn commissions and increase overall loan amounts. Although the number of PPI policies sold each year is expected to remain within the millions, each year more consumers are successfully claiming back bank charges caused by PPI.

How to Determine Whether You've Been Sold Unneeded Payment Protection Insurance

If your lender failed to mention the PPI policy, persuaded you into believing that it was a compulsory element of loan approval, or convince you that it could provide repayment assistance in scenarios that were not covered under the policy guidelines, you may have been sold unneeded payment protection insurance. Furthermore, if you were over the age of 65, under the age of 18, were working less than 16 hours a week, were enrolled in a full-time education, or were self-employed during the time of loan application, you are automatically ineligible for PPI cover, and should be able to receive a full PPI refund within less than eight weeks.

How to Recover Funds Spent on an Unneeded Payment Protection Policy

The fastest, easiest, and most efficient way to begin recovering funds spent on unneeded payment protection policy is to fill out a quick claim form on this page, or participate in a free consultation with one of our PPI claim specialist. By doing this you can provide us with the details necessary to facilitate a successful PPI claim on your behalf, without having to commit to an upfront investment. In fact, you won't have to pay anything at all unless we are able to obtain complete compensation from the lender who mis-sold you the PPI policy.

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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

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