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Bank Loan Payment Protection

With almost every aspect of an individual's life being determined by their credit score, it's not surprising that bank loans for some borrowers often offer less than ideal terms and conditions. In fact, some loans even include hidden fees such as bank loan insurance charges, which are the result of a payment protection insurance policy being taken out by the lender on behalf of the borrower without consent or eligibility. Payment protection insurance (PPI) is a type of policy that is supposed to cover loan repayments when the borrower is unable to do so due to injury, unemployment, or a list of other reasons. Most people don't realize that the majority of payment protection claims are not honored by the insurance company and many people who have policies may not even be eligible for them. If a lender knowingly sells a PPI policy to a borrower without notifying them, or confirming their eligibility, this is known as policy mis-selling.

Why Are Payment Protection Claims Rarely Honoured?

Due to the onslaught of mis-sold PPI policies (policies sold to borrowers that were either ineligible or unaware), many people may now be entitled to make a payment protection claim. In fact, most payment protection insurance companies are extremely skeptical about bank loan payment protection claims because of the amount of policies that have been mis-sold during the past couple of years. In 2009 alone there were more than 40,000 cases in which borrowers reclaimed funds spent on mis-sold PPI policies.

How Can I Reclaim Bank Loan Protection Payments?

By seeking the assistance of a professional PPI claims company you can maximize the chances of reclaiming all payments made towards a mis-sold bank loan protection policy. Bank loan payment protection charges will usually appear on your monthly loan statement, and you should be able to reclaim every penny spent on the policy, as long as proof can be provided that the policy was mis-sold to you. If you were over the age of 65, already had a pre-existing medical condition, were enrolled for similar coverage with a different insurance company, were sold the policy without consent, or were told that the policy was mandatory, then you should be able to reclaim your bank loan protection payments relatively easily.

What If I Consented to Bank Loan Payment Protection?

Even if you knowingly signed up for a bank loan payment protection policy, you may still be able to make a claim - if you were not informed about the specific terms and conditions of the policy. In addition, it is the lenders responsibility to ensure that you are eligible for enrolling you. To avoid being mis-sold a PPI policy look for synonymous terms like payment protection cover, loan cover, ASU (Accident, Sickness, Unemployment) protection, and payment care. All of these terms and more may be found within the fine print of a loan application and could indicate PPI mis-selling.

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