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Do I Need Payment Protection Insurance

Most of us have heard all the rumblings concerning mis sold payment protection and are wondering, "Do I need payment protection insurance?" If you have an existing loan and already have this cover alongside the loan then you may actually be questioning whether or not you can reclaim any bank charges you have already paid into the cover. On the other hand, you may be questioning "Do I need payment protection?" because you are in the midst of applying for a loan and the lender is trying to sell you on the idea. In either case, whether or not you need payment protection might need some serious consideration.

Do I Need Payment Protection on New Loans?

The first thing you may want to do when considering whether or not you need payment protection insurance, PPI, is to fully investigate if you are eligible for benefits. Most people aren't eligible to draw on PPI cover (approximately 87%) so you would need to talk to the person trying to sell you the policy to see whether or not you would be able to claim benefits if you lost your job or became too ill to work for any length of time. If you fit any of the following exclusions you should steer clear of purchasing PPI

  • Am I self employed, temporarily employed or do I work less than 16 hours a week?
  • Do I have any pre-existing medical conditions?
  • Do I have similar cover (redundancy) elsewhere?
  • Am I over the age of 65?

If you could have answered yes to any of those questions, then certainly you don't need to spend hard earned for payment protection insurance because you wouldn't be eligible and would just be throwing your money away.

Do I Need Payment Protection on Loans I Already Have?

If your lender coerced you into carrying payment protection or placed it alongside your loan without your permission or knowledge, then you may very well be asking "Do I need loan protection insurance?" After all, if you weren't given the opportunity to approve or deny it then you are probably looking at joining the ranks of those who are filing payment protection claims. Again, if you could answer in the affirmative to any of the above questions, then you surely don't need to pay for PPI because you wouldn't be able to use it anyway!

At Belmont Thornton, Belmont Thornton, we have a specialist claims team who can help you discover whether or not you were mis sold payment protection. If you feel that you have been mis sold this dubious cover and would like to file a claim for a refund, take a few minutes to place a call to our claims team on 0207 471 2000. Within 24 hours a claim pack will be on the way to you so that you can provide the information we need to get started on your claim. The sooner you call, the sooner we can get started.

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