Refund of Personal Loan Protection
Do you believe that you been mis-sold payment protection, and are now seeking reimbursement from the lender, broker, financial institution, or credit card company that dishonestly sold you an insurance policy that you were either inadequately informed of or ineligible for? Sadly, about 30,000 to 70,000 UK residents file payment protection claims each year, and many of them are successful in reclaiming all of the payments that have been allocated towards their loan insurance. Shockingly, the cost of a PPI policy on a £10,000 unsecured personal loan can be as high as £5,600, according to the Financial Ombudsman Service.
Receiving a Refund of Personal Loan Protection Based on Eligibility
Most consumers who filed payment protection claims during the past couple of years did so because it was found that they were ineligible for the policy when their personal loan was finalised. A lender is obligated to reimburse to their client if they charge them for an insurance policy that provided unsuitable coverage for their budget needs and personal attributes. In fact, the Citizens Advice Bureau (CAB) conducted an extensive study in 2001 that revealed that less than 15% of policyholders were deemed eligible for benefits when filing a claim against their policy. If you believe that you weren't adequately notified of the insurance policy's eligibility requirements and cost, or were not supposed to be sold the policy when you signed for the loan, then you may want to pursue a refund of personal loan protection payments based on eligibility.
Receiving a Refund of Personal Loan Protection Payments Due to Dishonest Information
Lenders, financial institutions, brokers, and credit card companies are never supposed to convince their clients that a PPI policy is mandatory for, or relevant to, loan approval anyway. Payment protection against insurance is supposed to be completely optional, despite the fact that many lenders fail to mention the policy at all, and some exaggerate policy benefits to persuade borrowers into paying for a policy that is useless to them. Other lenders completely neglect to mention the terms and conditions of the policy, describing loan protection insurance simply by calling the loan "secured" or "protected".
How Much Will It Cost and How Long Does It Take to Receive a Refund of Personal Loan Protection?
Only after receiving a full PPI refund will you be charged a nominal fee for using our services, and you're not obligated to pay anything at all if we are not successful in obtaining a full refund from your lender. In basic terms, you can initiate the claims process today by filling out a quick claim form and following the instructions contained within the claims pack that we will send you in the post for free. In addition, you can discuss your case with a PPI claims specialist by calling the number at the top of this page and participating in a complementary consultation.
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