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Compensation for Loan Protection

These days there is an insurance policy for just about anything and everything you can think of. People are even insuring their plastic body parts! For this reason it certainly comes as no surprise that the loan industry has its own type of cover. This cover is called loan or payment protection insurance and is supposed to work by kicking in and making loan payment in the horrible event that someone should fall behind on bills due to injury, illness or some other undesirable situation. However, just like other insurance covers have their draw back so does PPI. Payment protection insurance does not work for everyone. In fact it only works for about 13% of everyone who carries it, leaving the rest of the people to be paying for it for absolutely no reason. This is quite a discrepancy in our opinion.

What Constitutes Mis Sold PPI?

This is a pretty simple question to answer. Considering that about 80% of everyone who buys into PPI cover is actually mis sold the insurance you can bet that there are multiple factors involved. Let us start with the most common of all and that is age. Like any other type of insurance cover PPI has an age restriction. Depending on the company it could be anywhere between 65 and 70. Therefore it stands to reason if a lender sells a 72 year old PPI, that lender has mis sold the policy. The next most common way in which PPI is mis sold is when it is added to a loan with no permission or knowledge by the borrower. This is automatic grounds for reclaiming PPI. It is also a very good reason to begin proceedings to claim compensation for loan protection. In addition, if a mis sold policy somehow effects a person's bank account and adds any over draft fees or charges then claiming back those bank charges will also be necessary when seeking compensation for loan protection.

What is The Best Way to Seek Compensation for Loan Protection?

The most obvious thing to you once you've decided that you have in fact been sold PPI may be to contact your lender. Do not do it! This is a major mistake as your lender will most certainly have a good defense ready. To properly file for compensation of loan protection you will need professionals at your disposal. We at Belmont Thornton have dealt with lenders before. We know that there are a million and one reasons they will do all they can to put you off and procrastinate in releasing compensation for loan protection. However, with a company that has been dealing with claims like this for quite some time on your side, you highly increase your chances of getting compensation for loan protection.

Belmont Thornton does not expect a pound of your money upfront and will not ask for any unless you do receive a refund. The entire process usually takes anywhere from 2 to 8 weeks depending on how many loans you have, how many PPI policies you have and also on how long you've been paying into them.

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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 number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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