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Cheap Mortgage Payment Protection

Payment protection insurance (PPI), which is usually referred to as mortgage payment protection when it is associated with home loans, is a type of cover that is supposed to provide repayment assistance in the event that the borrower is unable to make payments due to sudden unemployment, injury, or illness. Unfortunately, fewer than 15% of PPI policyholders receive policy benefits, and therefore are practically forced to pursue a PPI refund from the mortgage broker or lender that sold them the policy. The data publicised by the Citizens Advice Bureau (CAB) and Financial Ombudsman Service (FOS) revealed the extent of PPI mis-selling in the United Kingdom that has resulted in more than 100,000 citizens receiving payment protection refunds in the last six years.

Cheap Mortgage Payment Protection Policy Costs

Although the value that a cheap mortgage payment protection policy provides could be considered worthless, the exuberant cost of a PPI policy can be as much as 13 to 56 of the total loan amount. Furthermore, payment protection insurance companies pay out less than any other type of insurance provider in existence, with only 20% of policy premiums being given back to policyholders in the form of repayment assistance. Thus, even cheap mortgage payment protection policies could cost as much as £1,300 for a personal loan with a value of £10,000. Fortunately, this entire amount can be reclaimed within a matter of just a couple of weeks using the assistance of a qualified PPI company like Belmont Thornton.

How Cheap Mortgage Payment Protection Policies Are Mis-Sold

A lot of times lenders take advantage of the desperation of borrowers who have poor credit scores and are in need of financial assistance to purchase a home or escape existing credit card debt. Many mortgage brokers and lenders know that they can exploit this desperation by selling policies to individuals who are persuaded into believing that PPI will help them avoid debt and increase their chances of being approved for the loan. Just about 30% of the complaints brought before the Financial Ombudsman Service (FOS) involve borrowers reclaiming payment protection on loans or credit cards. Roughly 60% of the claims examined pertained to various kinds of loans, while the remaining forty percent pertained to mortgages and credit cards.

How to Reclaim Funds Spent on a Cheap Mortgage Payment Protection Policy

To reclaim funds spent on a mortgage payment protection policy simply fill out a quick claim form on this page to receive a claims pack in the post. After that, the entire payment protection insurance claims process may take anywhere from 4-8 weeks, determined by several variables, which includes the bank's openness to comply. Utilising the professionalism of Belmont Thornton won't just guarantee a higher chance of succeeding in reclaiming Payment protection insurance; it will also hasten the process of claiming back payment protection payments. In addition to reducing your monthly repayment costs and lowering the possibility of incurring significant amounts of debt, claiming back personal loan protection can give you the funds needed to repay debts that were supposed to be covered by PPI repayment assistance.

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