UK Loan companies have been selling Loan Payment Protection Insurance with their Loans for many years and it has been responsible for huge profits for them.
The policies were intended to provide protection for the Loan holder in the event that they could not make their monthly payment due to an accident, sickness or unemployment. The premium for Loan PPI is calculated based upon the amount that you borrow when you first take out your new Loan.
The cost of payment protection can become very expensive to protect your Loan and it was found that in up to 85% of cases, due to flawed sales processes, cover was not always suitable for the Loan holder's personal situation. Many reasons have been highlighted to show that they never actually fitted the needs of individual customers and the result being thousands of declined claims due to un-eligibility that should have been exposed at the point of sale.
Finding out if you can reclaim Loan PPI is fairly straight forward with our PPI Calculator and claiming back Loan payment protection refunds couldn't be easier with the PPI Reclaims experts at CC4U.
Reclaiming PPI on Loans is not just a matter of getting back a refund of your premiums paid, but you can also claim compensation in interest for the whole period charged at the statutory interest rate of 8%.
We provide a No Win No Fee Guarantee for all Loan PPI reclaims, which provides our clients with the peace of mind in knowing that they can find out if they have any eligible claims without risk & once your claim/s have been validated, the process to finalising a successful compensation claim usually takes 8 – 12 weeks.
If you decide to use our services for claiming back PPI on Loans which you currently have or have held within the last 10 years, then you need to know a little about what you can expect during your application to claim back PPI on Loans:
Firstly, if your Loan company upholds your claim, then we will check the amount of the refund offered and advise you if it is correct & if you should accept it.
After this the process is:
- An acceptance of offer form will be sent to you by your Loan Payment Protection Insurance Company that you will need to sign and return accepting the offer.
- Once you have signed & returned the acceptance from the PPI provider, they will notify us of when they will make your Loan PPI refund.
- Upon confirmation that you have been paid your refund, if the company has not covered our fees for dealing with your claim for you, then we will invoice you for our fee for payment.
Secondly, if your Loan lender does not uphold your application for reclaiming PPI on Loans, then we follow a different procedure as follows:
- As a first step we will check with your Loan company that this is their final response.
- Upon confirmation that we have their final response, we will then send you the Financial Ombudsman's Payment Protection Insurance Questionnaire that we will have completed for you and request that you sign and return it to us.
- Having received these forms back from you, we will start the process of making a formal application for claiming back PPI on Loans through the Financial Ombudsman. Records indicate that our success rate for FOS referrals is currently higher than 80% for Loan PPI compensation claims that are correctly submitted and have previously been rejected by the PPI insurance companies themselves, which is one of the reasons that our clients recommend our services to their families and friends.
In the event that the FOS do not uphold your claim, we will reconsider your claim on your behalf and may appeal for reconsideration – Of the small number of cases that are not successful, you can rest assured that if you do not receive a refund, we WILL NOT make any charge at all to you for using our services.
To get your Loan PPI reclaim underway, simply complete the form at the top of this page and we will get the process underway without delay.