Reclaiming Bank Loan Protection
Since a bank loan is a financial service in which consumers borrow a sum of money from banks, money borrowed can be used for many things such as to catch up with payments on a purchase or go on a vacation. In recent years consumers that have applied for and received bank loans, and more than likely have also added loan protection insurance as added protection. Loan protection insurance on a bank loan is supposed to help the borrower in the event they cannot make the monthly repayment due to unemployment caused by illness or job loss. Unfortunately, so many PPI policies were mis sold within the last decade that more and more consumers are reclaiming bank loan protection.
Bank Loan Protection Mis-Sold
Is estimated that only about 15% of bank loan protection policy holders were able to use the coverage they had. Such a large discrepancy between the amount of policy holders and the amount of policyholders that are eligible for protection under the policy terms and conditions means something is terribly wrong. The thing that has plagued the United Kingdom in the recent decade and has consumers reclaiming bank loan protection is the mis-selling of loan protection policies. A mis-sale is considered to be when a lender sells loan protection to a potential borrower who either cannot or will not be able to use the policy.
Widespread Abuse in Mis Selling PPI Cover
Lenders were in the habit of selling these policies to anyone who applied for a bank loan so they could charge additional interest for the loan protection policy on top of the interest being charged for the loan. Many lenders use tactics such as telling the borrowers that loan protection will increase their chances of been approved for the loan. Other backhanded approaches to selling loan protection include lenders telling borrowers that loan protection is not optional and some even did not inform the borrowers that they were including loan protection in with the bank loan. If the above reasons seem familiar to a situation you find yourself in you may soon be amongst those reclaiming bank loan protection or a PPI refund.
PPI Refunds and How to Get Them
When reclaiming bank loan protection and attempting to get PPI refunds many consumers enlist the services of PPI claims companies. These companies were created with the intensions of reclaiming bank loan protection for as many consumers as possible. A PPI claims company would normally have a staff of trained professionals and the company would be registered with the Ministry of Justice. The Ministry of Justice is the government agency that regulates the criteria that PPI claims companies must meet or exceed. If a PPI claims company is registered with the Ministry of Justice they can be counted on to be reliable companies trustworthy enough to do business with when reclaiming bank loan protection.
A professional PPI company will give people trying to reclaim bank loan protection insurance an estimate as to how much money they can receive in compensation. Also it is possible to get started on the bank loan protection refund process in as little as 24 hours, often times getting a refund in eight weeks. Therefore, if you feel you have been mis sold PPI, call Belmont Thornton on 0207 471 2000 to speak with a claims specialist today.
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