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ID Protection Insurance

ID protection insurance, also erroneously referred to as payment protection insurance (PPI), is a type of coverage that is supposed to provide assistance in making repayments when a borrowers is unable to make repayments due to fraud caused by credit card debt. Some lenders may try to 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. PPI 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 mis sold payment protection. Loan protection insurance policies are often falsely touted as being beneficial, necessary, or even mandatory for loan approval.

How Is ID Protection Insurance So Commonly Mis-Sold?

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.

The Amount of Consumers That File a Claim for ID Protection Insurance Refunds Every Year

During the end of 2009 about 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, mis sold 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.

How to Attempt to Reclaim ID Protection Insurance

Many borrowers erroneously try to file an action against their lender without professional assistance. While it is possible to file a claim for ID protection payments independently, a much higher success rate can be achieved when utilising 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 phone consultation with one of our PPI claims specialists, who can provide invaluable advice pertaining to your case within a couple of minutes.


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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 B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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