Reclaiming PPI Letter Template
Many UK consumers have found that trying to reclaim mis sold PPI charges is even worse than pulling teeth because there are so many aspects of filing a claim and together they are just impossible to keep track of. For this reason, one of the most commonly searched for PPI claims products is what is referred to as a "Reclaiming PPI Letter Template". It stands to reason that they would think that all the information they would need in order to file a claim would be contained within, perhaps a few 'fill in the blanks', but this just isn't so. Each and every type of loan protection insurance is a bit different, even though similar in concept.
Variations in Loan Insurance
There are actually quite a few different ways in which payment protection insurance (PPI) is set up. Traditionally, it carries a onetime premium that is assessed at the time of the loan origination but there are certain types of PPI that are assessed monthly. One type of payment protection insurance that is based on monthly instalments would be overdraft protection on checking accounts. This PPI product can be mis sold in the very same way that loan insurance can be mis sold, the main difference being in how payments are established. For example, with overdraft protection a bank could tell the consumer that they would only qualify for a checking account if they carried this PPI product. In reality, it is illegal to base a bank account on an insurance product and this would constitute being mis sold. A reclaiming PPI letter template would need to be customized to detail specifics to overdraft protection whilst a reclaiming PPI letter template for a mortgage loan policy would pertain to specifics of those types of mis sold payments to be reclaimed.
Disadvantages of a Reclaiming PPI Letter
Of course that is just the beginning of the disadvantages of a reclaiming PPI letter. The main reason why it isn't good to base your claim on a letter is because that will not give the lender enough information to base a decision on. A reclaiming PPI letter should only be used as an introduction to what your purpose is to filing a claim. They are important in stating your reasons why you believe PPI was mis sold, but they would almost need to read like a doctoral dissertation to include all the material needed. For this reason it might be a good idea to consult with a professional claims management company. Most have developed a format for submitting PPI claims to lenders which includes having copies of all pertinent documents needed to substantiate the claim.
If you are looking to file a PPI claim against your lender or financial institution, Belmont Thornton has a staff of professional claims specialists on hand to answer any questions you may have. The initial consultation is provided free of charge and thereafter no fees will be assessed until they win your claim for you. With a no win, no fee contingency, Belmont Thornton is guaranteed to work diligently on your behalf.
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