Belmont Thornton Logo
Claim Back Loan Insurance

Reclaiming PPI charges

Many people attempt to streamline monthly repayments by setting up automatic bill payments within their online bank accounts. However, when automatic loan repayments are attached to a bank account and hidden fees or surcharges are deducted from that account it can be difficult to have those charges reversed. This is especially true for payment protection insurance (PPI) policies, which are some of the most commonly mis-sold insurance policies in the United Kingdom. In fact, there were nearly 25,000 payment protection insurance claims filed during the final three months of 2009 alone.

The Prevalence of PPI Refunds

Payment protection refunds have become more frequent during the past six years after an investigation by the Citizens Advice Bureau (CAB) revealed widespread PPI mis-selling being conducted by large financial institutions and private lenders alike. As a result, several prominent banks were fined millions of pounds and more than 100,000 PPI policyholders have been successful in reclaiming PPI charges. As more attorneys take interest in pursuing PPI claims cases, and consumers become knowledgeable about PPI mis-selling, the amount of people reclaiming PPI charges each year will continue to increase until PPI mis-selling becomes nearly taboo.

Reclaiming PPI Charges from a Bank

Reclaiming PPI charges from the same bank that issued a loan can be especially difficult, particularly without the help of a PPI claim company. By contracting the assistance of an attorney that has experience in reclaiming PPI charges you can minimize effort and reduce the possibility of damaging your credit score by defaulting on a loan. Ultimately, the decision to refund PPI charges will be left up to the courts and the necessary authorities, regardless of the previous reputation of the lender or bank. Contrary to popular belief, ordinary citizens do win lawsuits against banks and financiers, especially those pertaining to PPI policies sold during the past six years.

The Challenges of Reclaiming PPI Charges

The main challenges associated with reclaiming PPI charges are:

  • Finding a professional PPI claim company that is knowledgeable, offers free consultations, and will work on a "no-win, no fee" basis,
  • Recalling loan details so that a PPI claims specialist can verify that you are knowledgeable or inadequately informed about a PPI policy or its terms and conditions.
  • The willingness to devote a small amount of time working in conjunction with PPI claims professionals to receive full and due compensation.

Aside from these easily surmountable challenges, you'll also need to have the patience to wait 2 to 6 weeks for the PPI refund, which typically ranges from £2000 to £3000 in an average claims case. However, since even the small percentage of policyholders that receive assistance from a PPI company have to wait several weeks for slight repayment assistance, it would be much more sensible to reclaim the funds spent on the insurance policy from the lender, than to pursue benefits from the insurance company.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide