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Are Payment Protection Plans Worth It

Everyone who has taken out a loan or credit card knows when they receive their loan statements that there are other fees which could be added. In many cases they do not even know why, they just trust the lenders. It would be a wiser choice to first ask ourselves the question "Are payment protection plans worth it?" Granted, when you apply for a loan you are probably told a small fee for payment protection insurance will be added and that this action can help improve the chances of the loan being approved.

Therefore, you may have agreed to pay an extra percentage of money, not realizing over the long term how much this would be. Many of us are so excited when our loan is approved or that a credit card company approves us that we will sign anything without regard to the overall investment. Coupled with the fact that we have also agreed to this payment protection we do not even need, we are talking about quite a bit of money.

In more cases than not payment protection is not worth it and we could be paying up to sixty percent of our loans extra. In addition, more and more people are also realizing that they do not even qualify for the PPI even if they did need it. Many people have found this out the hard way by being put in a situation in which the PPI was needed; only to find out they do not meet the requirements to use the PPI. Mis selling of payment protection insurance could happen as a result of several different factors. It could even be in part because people do not make wise decisions when it comes to obtaining loans and many do not ask the right questions.

A lot of us become very angry when we find out we were sold payment protection unknowingly or when we clearly are not candidates for PPI. Once we calculate how much extra we will end up paying over an extended time and we come to the realization that we will never use the payment protection insurance, we can answer honestly when we ask ourselves, "Are payment protection plans worth it?" There are not many of us that enjoy the fact that we are wasting money unnecessarily. We might as well be burning it.

We are entitled by law to reclaim the unwanted payment protection we are being charged for, especially if we feel that it was sold in an unprofessional manner. When filing for a payment protection claim, it is very advisable to have a PPI claims management company to ensure you every chance of receiving your payment protection refund.

Belmont Thornton is trained and prepared with all the necessary experience needed in dealing with these lenders and their solicitors. We take the stress out of retrieving what is rightfully yours and you will not be obligated to make any additional investments until you have won you your money back. Remember if you have a payment protection policy on your loan, you are not only paying for the extra insurance protection but you are also paying interest on the loan itself. "Are payment protection plans worth it?"

The team at Belmont Thornton is ready and prepared to assist you in your claim. They are also a company that works on a no win, no fee* basis and this means you can relax knowing that you will not have to initially pay out any additional money that you just don't have.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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