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Being approved for a home loan or business loan can be an exciting time in one's life, which is why it is so disheartening to discover some of the unfair practices used by lenders to maximise profits through the exploitation of their clients. One way lenders add to the overall loan amount and increase their interest earnings is by including a loan insurance policy with the cost of the loan. These policies are paid for by the borrower incrementally in the form of monthly payments, either through small recurrent fees, or through the additional interest caused by the cost of the policy being added to the overall loan amount. In other words, a £10,000 loan may have a £2000 payment protection policy added onto it, causing the total loan amount to be £12,000.

What Is Loan Protection Insurance?

Loan protection insurance, also commonly referred to as payment protection insurance (PPI), is a type of coverage that is supposed to provide assistance in making repayments when the borrower is unable to do so due to injury, illness, or unemployment. However, these policies rarely provide benefits to policyholders, with more than 85% being denied assistance after filing a claim. Thus, tens of thousands of UK residents are attempting to file a claim for loan protection payments each year, as financial authorities and attorneys continuously combat the unfair practice of PPI mis-selling. Loan protection insurance policies are often falsely touted as being beneficial, necessary, or even mandatory for loan approval. In fact, some lenders even convince borrowers that the amount of the loan could be affected by the type of policy that is purchased, which is entirely misleading and untrue.

How to File a Claim for Loan Protection Payments

Many borrowers make the mistake of filing an action against their lender with the help of a conventional attorney. While it is possible to file a claim for loan protection payments independently, a much higher success rate can be achieved when utilizing the professional services of a PPI claim company. The fastest and most convenient way to reclaim all of the funds spent on mis-sold PPI policy is to participate in a free consultation with a PPI claims specialist, who can provide invaluable advice pertaining to your case within 24 hours.

How May People File a Claim for Loan Protection Insurance Each Year?

During the final quarter of 2009 alone nearly 25,000 United Kingdom residents filed a claim for loan protection insurance payments, which was more than double the amount filed in the first half of the same year. That number rose in 2010, with about 60,000 individuals filing a PPI reclaim throughout the year. As such, PPI disputes have become extremely common and financial authorities and courts are aware of the dishonest practices used by lenders to sell these policies. Due to the high rate of honored PPI claims, your attorney will likely not charge you a fee unless your claim for loan protection is honored.

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