Reclaim Mortgage Charges
If you are trying to reclaim mortgage charges on a mis sold payment protection insurance policy there are some pertinent bits of information you should be aware of before submitting a claim. As usual, the first thing you will need to do when trying to get your money back is to find a reason for doing so. Although UK lenders have been ordered to review all mis sold PPI claims equally and fairly, they have not been ordered to pay on them unless they find reason to believe there was any wrongdoing on their part. This would almost be funny if it weren't so horrible that so many consumers have been scammed out of money on this dubious cover. Even so, the lender's verdict is not the last word so consumers do have somewhere to turn when trying to reclaim mortgage charges.
The Appeals Process
When you feel that you have a solid case against the lender proving that payment protection was truly mis sold, and if the lender denies your right to reclaim missold PPI, then you can always file an appeal with the Financial Ombudsman Service. After all, interest rates on mortgages are high enough without the added strain of paying for an insurance product that you never wanted in the first place. At the cost of anywhere between one-forth and more than half of the amount you are borrowing, that is a dear price indeed. The only way, as a matter of fact, to get that payment off and reclaim missold PPI once the lender denies your claim would be through the appeals process.
PPI and Mortgage Payments a Single Unit
Mis sold payment protection on mortgages has caused a significant number of UK consumers to fall far behind on their monthly payments. This, perhaps, is one of the leading reasons why many homeowners are asking "How can I reclaim my PPI?" Again, there isn't any other way to reclaim missold PPI except through the claims process. Bear in mind that the onetime premium was added at closing and is now thoroughly entrenched in your monthly instalments. The lender could separate it but that is highly unlikely short of the policy being legally declared mis sold. So then, how can I reclaim my PPI? The only answer to that is to file a claim against your lender.
Even though you know that it is possible to reclaim missold PPI you also know that when it comes to mortgage loans you may have an uphill battle. Of all PPI loans, mortgage loans are probably the highest meaning that the lender stands to lose a great deal of money. (Albeit money that wasn't theirs anyway, but surely they don't see it that way!) For this reason, it helps to have a good negotiator on your side. Professional claims management companies such as Belmont Thornton can counsel you along the way, file your claim, handle the appeals process and the best part is, work on a no win no fee basis. If you would like to speak with a claims specialist today call 0207 471 2000.
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