Refund of Bank Charges
Mis sold PPI has been in the news much of late and rightfully so. UK consumers have been made to pay exorbitant amounts of money for a cover that is virtually nonexistent and now they are looking for a refund of bank charges that should never have been debited from their accounts. However, it should be understood right from the start that there are certain guidelines to follow when claiming back bank charges. Not all payment protection insurance policies were mis sold, even though a substantial number were. The first thing you need to do if you intend to claim a refund of bank charges is to make sure your claim meets the guidelines for mis sold PPI.
What Constitutes Mis Sold PPI?
If you intend to claim back PPI then you will certainly need to prove that the lender mis sold cover to you either by omission or by an overt act. In other words, it isn't always what the lender said to you in regards to PPI but rather what the lender failed to tell you. One of the huge issues that has been predominantly in the news is the fact that lenders are failing to disclose the details of the policy, especially the conditions and exclusions listed in the small print. Other times lenders are misrepresenting cover or blatantly telling borrowers that the loan is dependent upon purchasing loan insurance. These are examples of mis sold PPI and would give grounds for seeking a refund of bank charges.
Filing a Mis Sold PPI Claim
After having established that the insurance cover was mis sold, it is time to claim back PPI through proper channels. If you are trying to get a lender to refund bank charges it is important that you understand that it may be a bit difficult to get them to readily admit they mis sold the policy. Since this is probably the only way you will be able to claim your money back it is better to be well represented when you file a claim. Many people are turning to claims management companies to help them file PPI claims to refund bank charges because they are well prepared to take on the financial giants. Even though the government has ruled that lenders review each and every claim they receive, it doesn't always mean they will do so, or do so timely. In fact, lenders are denying more claims than they are approving which is sending many people through to the Financial Ombudsman Service on appeals.
If you are looking for representation, Belmont Thornton has successfully filed thousands of PPI claims on behalf of UK consumers. We are registered with the Ministry of Justice, the Information Commissioner's Office and hold a Credit Consumer Licence issued by the Office of Fair Trading. Our claims team works on a no win, no fee* basis and we will be there for you every step of the way. It isn't always easy to get the lender to refund bank charges but we make it our business to make that happen if you have been mis sold PPI. To speak with a member of the claims team, call 0207 471 2000.
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