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Loan Insurance Cover

Loan insurance cover is something that lenders sell people by making them believe that they will be protected should they ever find themselves in a position of not being able to work and make their payments. The only problem with this is that in most cases this does not even happen. That is to say, only about 13% of all claims are actually approved. The other 87% are being told that they never qualified for the cover in the first place and are being denied the benefits they have been paying into for years. This is when people typically begin to try and claim back PPI. Loan insurance cover is not all that it is cracked up to be and that is the most important thing for anyone going in for a new loan to remember.

Proving the Lender Misled You

Claiming back bank charges is not a difficult process but it is one that will take time and patience. A good PPI claims company can help you to reclaim loan insurance cover as quickly as possible provided you can furnish the proof that shows that you have been mis sold loan insurance cover. Usually this is not that hard to prove. In fact, most of the time, it is quite obvious. However, there may be some circumstances in which the evidence is just light enough that you will need to dig a bit deeper to show that there was any wrong doing on the part of your lender. It is very difficult to prove, for example, what took place during a conversation with a lender. A lender can say that they made you aware of all of the facts regarding PPI even if they did not. In this case it is your word against theirs. The good news is that if that particular lender has multiple claims being filed against them then your chances are even better.

The Reasons for Not Being Qualified for Loan Insurance Cover

Age is one of the number one factors that lenders tend to overlook or ignore when selling loan insurance cover. For example, most loan insurance cover companies have an age in which they cut off cover. Some of them are at age 65 and some of them at age 70. Essentially this means if a 72 year old walks in for a loan and is sold loan insurance protection the cover will be useless as if a claim is to be filed it will surely be denied. The same goes for people who are self employed, people who receive sick pay from their jobs and people who work for temporary jobs. None of these people can be covered by loan protection insurance. This means that they are basically being misled into paying a lot of money for something that is useless to them.

Unfortunately, there are some people who never even find out that they have been paying into something frivolous for years and years. It is probably safe to say that many people have paid off loans that had PPI attached to them without ever being the wiser.

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