Bank Charge Claim
Payment protection insurance can actually be sold to provide cover on any type of loan but most often you will see mis-sold PPI attached to bank loans,
mortgages or credit cards. Whether the lender knowingly or inadvertently mis-sold PPI to consumers doesn't really matter except for the fact that it still remains mis-sold PPI and thus qualifies to be the basis for PPI claims.
PPI Claims: Insurance Company Versus. Lender
When filing a claim to get a refund on a bank charge, it is important to understand that even though this is an insurance product the bank charge claim would be filed against the lender. After all, it was not the insurance company who mis-sold the policy but the lender who mis-sold
it. As a matter of fact, this is where many people go wrong when filing a claim
against a bank charge.
Credit card bank charges
The dramatic rise in the number of people making a PPI reclaim
was sparked by a 2006 investigation by the Financial Services Authority. In the
same year the Office of Fair Trading investigated the charges applied for late
payment and over the limit fees. Their investigation revealed that some of the
charges applied were unfairly high. As a consequence, they recommend that all
late payment and over the limit fee charges should be dropped to Â£12. This
figure took into consideration the cost of postage, staffing and IT systems.
Since the investigation, most lenders have dropped their charges to Â£12 and now,
if you have paid unfair charges in the past, you may have the right to make a
bank charge claim.
If you have been mis-sold Payment protection insurance, PPI, or have paid unfair
bank charges you have the right to make a complaint. If you would like
assistance, you can contact Belmont Thornton on 0207 471 2000 to speak with a
member of the claims team to help you get your claim back of bank charges underway.
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