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I Was Sold Payment Protection

The all too common mis-selling of payment protection insurance in the United Kingdom is the result of a combination of greed and the propagation of misleading and/or forceful sales techniques. PPI policies are often sold under false premises by lenders, banks, credit card companies, and brokers that are motivated by profits earned through commissions, as well as additional interest that will be earned on the overall loan amount due to the PPI policy premium. Unfortunately, many consumers don't even realise that they've paid hundreds or even thousands of pounds towards the policy until the insurance company denies their claim due to alleged ineligibility. If you're thinking "I was sold payment protection insurance inappropriately", or any of the following thoughts, you may want to consider seeking out PPI claims specialist for a consultation.

I Was Sold Payment Protection Insurance without Being Informed of Eligibility Requirements

If you are under the impression that you were not completely advised about the policy's coverage criteria and cost or should not have been offered the policy at the time of loan signing, you may want to consider claiming back PPI. Though coverage guidelines can vary depending on the policy stipulations, a large percentage of applicants will have their claims declined on account of alleged ineligibility. You could be allowed to claim back funds allocated to PPI if the lender didn't completely describe the policy eligibility requirements and exclusions for your PPI policy, or didn't adequately inform you of the fee for the policy.

I Was Sold Payment Protection Insurance Because the Lender Told Me That It Was Mandatory

A borrower may be entitled to a PPI reclaim if you were told that the policy was mandatory or somehow necessary for loan approval, or that it could affect the amount of the loan. About 30,000 payment protection insurance claims were filed in 2009, 50,000 in 2010, and an estimated 70,000+ UK residents will file for a PPI refund in 2011. Unfortunately, financial authorities like the Financial Services Authority (FSA), the Financial Ombudsman Service (FOA) and Citizens Advice Bureau (CAB) expect millions of PPI policies to be mis-sold within the next couple of years. Anyone thinking "I was sold payment protection insurance forcefully" should consider claiming back there PPI premium.

I Was Sold Payment Protection Insurance without Being Told of the Actual Price

The majority of consumers pursue reclaiming PPI on loans because they believe they were not explicitly taught how the PPI policy works, what type of protection it can provide, how much it costs, and policy repayment requirements. Surprisingly, the cost of a PPI policy for a £10,000 unsecured personal loan can range anywhere from £1300 - £5600, often depending on nothing more than the preference of the lender that is turning a profit to the sale of the policy. Perhaps even more disheartening is the fact that the FSA has determined that some lenders and brokers earn the majority of their income through the unethical sale of PPI policies.


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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 www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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