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Loan Insurance Compensation

Loan insurance compensation is something that a person who has been misled in some way and mis sold loan protection insurance files a claim for in order to get a refund. There are several circumstances that could result in a loan insurance compensation claim. The most common is that a borrower who has been paying into loan insurance for a long period of time files a claim and is denied. Depending on the reason for the denial, a red flag may come up and this could cause a person to file a claim, alleging mis sold loan insurance.

A claim denial in itself is not enough to claim mis sold PPI. However, the reason for the denial may be. For example, if a person files a claim with his/her loan insurance company only to be denied because he/she was never actually qualified to be covered in the first place and was never explained all of the rules then this could be a very good case for loan insurance compensation.

There are so many reasons that loan insurance companies deny cover to people. This is why lenders are supposed go over all of the regulations and requirements for cover with each and every borrower before selling these policies. Unfortunately, this rarely happens. Usually it is just considered common practice for everyone, whether they qualify for the cover or not to be sold the policy. This is where the problem lies. Lenders do not seem to care who they sell cover to as long as they sell it. The result is an influx of people looking for loan insurance compensation and many of them are getting it.

More than 85% of people who file claims with their loan insurance companies are denied. It does not matter if they have been paying into these covers for months, years or decades. Some of the time the denials are justified but at the same time if a person was unaware of the stipulation in which they were denied for then again, this goes back to the party who sold the loan insurance in the first place. This can be classified as grounds for mis sold loan insurance and therefore result in a loan insurance compensation claim.

The first reaction for most people who find that they have been duped or misled in some way is usually shock which gives way to anger. It is when a person becomes angry that they start seeking some method of receiving loan insurance compensation. It is probably safe to assume that no one likes the idea of paying money into something that is unusable.

The best route to go when seeking some sort of compensation is to take to Belmont Thornton, the PPI claims specialists. They can help to guide you in the right direction. Going after the money you feel was taken from you is the best recourse for anyone who has been mis sold loan insurance and would like to try and apply for a refund. There is a lot of information on this website and we at Belmont Thornton have multiple ways in which we can help.

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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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