Refunding Bank Charges
Inexplicable charges on your loan or credit card monthly statement related to payment protection insurance or loan insurance may be related to mis-sold PPI. Although there are multiple types of insurance policies sold in combination with personal loans, banks have begun mis-selling PPI at an astonishing rate, with about 7 million PPI policies being sold every year, and the FSA determining that 95% of policies that were reviewed within a study during 2007 were found to be mis-sold. If you're wondering whether it's possible to force your lender into refunding bank charges caused by a PPI policy, consider the following information.
Is It Possible for Your Lender to Be Forced into Refunding Bank Charges Caused by Mis-Sold PPI?
A PPI policy is deemed mis-sold PPI if the loan company convinces the borrower that it's essential for the approval of the loan, or that not paying for the PPI policy may decrease the overall loan amount. It should be noted that eligibility guidelines will differ based on the policy small print, most policyholders will have their claims rejected because of ineligibility. Loan applicants should have been notified that they were ineligible for PPI policies if they were under age 18 or over age 65, self-employed, attending college full-time, or already had a similar "sick pay" policy with their employer when the loan was applied for. You might want to contemplate reclaiming what you spent on PPI if your bank did not fully discuss the eligibility requirements and exclusions for the PPI policy, or they neglected to adequately inform you of the cost.
Lenders Refunding Bank Charges Caused by Exuberant PPI Premiums
A typical PPI claim brings in about £2500, which is about the cost of a PPI policy on a £10,000 personal loan. You might want to contemplate reclaiming funds allocated to PPI if your financial institution did not fully discuss the coverage eligibility requirements and exclusions for the PPI policy, or failed to adequately inform you of the policy price. The cost of a PPI policy can range anywhere from 13% to 56% of the overall loan amount, meaning even the cheapest PPI policy is considerably excessive, especially given the fact that 85% of policyholders the file a claim for repayment assistance will be denied benefits due to alleged ineligibility.
What Are the Chances That Your Lender Will Be Refunding Bank Charges Caused by the PPI Policy?
As long as you can provide proof or adequate suspicion that the PPI policy was mis-sold, either as a result of deceit or misleading salesmanship, you should be able to have your PPI claim honoured. In nearly 80% of PPI claims cases the borrower is successful in receiving a full PPI refund, which is not surprising considering the fact that studies published by a prominent financial authority in UK reveal that PPI policies are mis-sold more often than not. Sadly, the majority of borrowers the file a claim against PPI will be denied assistance, regardless of whether they've already paid a significant amount towards the policy. By utilising the professional services of Belmont Thornton, Belmont Thornton you can initiate the process of possibly reclaiming all of the funds spent on a PPI policy.
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