Reclaim Payment Protection Insurance
Anyone who has been burned by the PPI scam is surely trying to reclaim payment protection insurance money that was, for all intents and purposes, stolen from them. Mis sold PPI is big business and lenders are making a fortune off an insurance product that they scammed borrowers into carrying. Unfortunately, by the time those individuals find they have been scammed they have already paid thousands of pounds into this cover. Trying to reclaim payment protection insurance at this point will most assuredly mean that a claim will need to be filed against the lender.
Why Don't Lenders Just Give It Back?
Sometimes when you buy something from a local merchant and get it home, you find that it doesn't work as it should. Upon bringing it back the merchant returns your money and all is well. Since PPI is truly a broken product as it provides little cover and is extremely expensive, more and more consumers are asking why don't lenders just give them their money back. The main reason is most often greed. They took that money from you knowing that it is 100% profit and they aren't likely to let you easily reclaim those bank charges. Reclaiming PPI means that you will need to battle your lender to reclaim payment protection but it is a fight which can be won if you can show that the lender violated your trust and mis sold the cover.
Why Are Bank Charges So High?
Another question which consumers often ask is just why bank charges are so high. If payment protection insurance really offered any amount of real cover it might be understandable why the premiums were so high. However, as only 13% of all people can ever hope to qualify for this cover and very few instalments are ever paid, there is no reason why it should cost so much. Once again we come down to greed which is also why it is more difficult than you might imagine, especially when it comes to trying to reclaim personal protection insurance.
Is There an Easy Way to Reclaim Payment Protection Insurance?
About the easiest way to reclaim PPI is to hire a professional claims management company that will work the entire claim for you on a no win no fee basis. From the initial consultation right through to the appeals process if it is needed, a claims specialist will be on top of your claim to make sure every step along the way is as smooth as possible. The only hard part here is waiting to see if your lender is going to approve or deny your reclaim personal protection insurance claim. Even if the lender rejects your claim the Financial Ombudsman Service will hear your appeal so all is not lost, and many claims make it successfully through appeals.
Belmont Thornton, Ltd., Belmont Thornton, has a team of claims specialists on call who can answer any questions you may have regarding filing a mis sold PPI claim against the lender who took you for a ride. They offer a no win no fee service so that until you win, no one wins.
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