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Income Payment Protection

Income payment protection is really the same thing as payment protection insurance but it just has a different name. This could be a result of the fact that the media has given so much attention to payment protection insurance and lenders would like to disguise it a bit but it is exactly that same thing. With that said it does not matter what name you give this type of cover, it is grossly overpriced and not at all what it is supposed to be. All this cover does is increase the amount you wind up paying for your loan by anywhere from 15 to 55%. Obviously, this is quite a significant increase!

Salting Your Wounds

Whilst it may sound like an exaggeration, paying for income payment protection above and beyond what you already pay for your loan, including high interest is really pouring salt in your open wound. This is even truer if you are one of the thousands of people who had no clue at all that you even have income payment protection added to your loan or credit card account! Lenders are quite crafty in the way they do this and one of the most common ways to sell you income payment protection insurance is to have you sign a contract that has an opt out box rather than an opt in box. This basically means that if you are not cautious you may wind up with an income payment protection insurance policy simply by not seeing that little check box. Very convenient for the lenders indeed! This is what leads to so many people asking for payment protection refunds.

Can You Cancel an Income Payment Protection Insurance Policy Which Has Been Mis Sold?

There is no such thing as an insurance policy of any kind that cannot be cancelled at will. No one has the right to force you to keep paying for any type of cover. This is especially true if you find out that the cover you are paying for was not even sold to you legally! If you find that you've been paying for an income payment protection policy that you never requested and that you didn't even know about, then you are well within your rights to immediately cancel it. Further, you can make a claim to try and get a refund for whatever you've already paid into the income payment protection insurance cover. Of course, you must keep in mind that you'll have to go about cancelling in the proper way as simply not paying for it could actually cause you to default on your loan. The way to accomplish this is through filing payment protection insurance claims which we can help you with here at Belmont Thornton, Belmont Thornton. We have helped thousands in the UK claim back their money and there is every reason to believe we can help you as well. To get started claiming back PPI today, call us on 0207 471 2000.


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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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