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Loan Insurance Mis Selling

PPI, or payment protection insurance or loan insurance mis selling has been going on for longer than many of us care to think about. However, people have only recently started to become aware of just how big the problem is. The worst thing about this is that most of the people targeted by loan insurance mis selling are those who can barely afford to pay a loan payment let alone the ridiculous amount of money that is tacked on as loan protection cover! Mis sold PPI is a major problem in the UK and probably in many other places as well. People are being misled by lenders and as a result are paying dearly for it. This is because payment protection does not come cheaply and mis sold payment protection is basically the same as throwing money out the window.

Sending a Message to Lenders Which They Are Not Getting

Lenders have been warned and fined but still continue to practice loan insurance mis selling. When a lender has been made aware of a problem with selling people cover that they cannot use or is accused of not going over details carefully with people but continues to do it, it really makes you wonder about the integrity of that particular lender. It seems as though honest lenders would want to correct any wrong doing. However, in many cases that does not seem to be true when it comes to loan insurance mis selling. Many of the high street banks have had to pay major fines for mis sold PPI but it just has not seemed to send the message as some of these same banks are still doing it. It is really enough to make anyone angry.

Mis Sold PPI Causes Hardships

People have so many things in life to worry about that they just do not need the added stress of having to come up with an exuberant amount of money for their loans as well. The bad news is that loan insurance mis selling causes hardships on people because this type of cover is not anywhere near what you could consider cheap. In fact, it is extremely expensive, sometimes adding as much as 50% to the total amount of the loan. This is a lot of money, especially if the loan is a large one such as a mortgage loan. Really PPI is a racket that should be put to an end but as of now there seems to be no end in sight. It is estimated that millions of claims will be made over the next couple of years and lenders do not seem to be backing off when it comes to loan insurance mis selling.

The only comfort anyone who is dealing with mis sold loan insurance can take is in knowing that our expert claims company, Belmont Thornton, has experience in helping people to get PPI refunds every day. Since we work on a no win no fee* basis, you will not be asked to put up a pound of your hard earned money up front.


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