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Loan Insurance Scam

Within the past several years there has been so much information leaking out as to just how far lenders have taken the misselling of payment protection insurance. Whilst the Citizens Advice Bureau calls it the biggest 'racket' to ever have hit the lending industry, many people are using stronger language. Even journalists who pride themselves on remaining neutral have begun referring to mis sold PPI as the 'loan insurance scam'.

It doesn't matter if you prefer to call it a racket or the loan insurance scam; the end result is the same. UK consumers are being coerced into paying for payment protection that truly offers little in the way of protection but demands extremely high premiums, and if all that wasn't enough, lenders are using less than ethical means of selling it.

Complaints have been pouring into both the Citizens Advice Bureau (CAB) and the Financial Services Authority (FSA) in regards to the way in which lenders are slipping PPI by them. Some are telling them they won't qualify for a loan without some form of payment protection while others are misrepresenting what the cover really offers or are simply not informing borrowers of the cost. All of these tactics are being called part of the loan insurance scam and the reason why millions of UK consumers are filing PPI claims.

Although PPI offers little in the way of protection and costs altogether too much, that really isn't the bottom line in customer complaints. Yes, they want their money back through the PPI reclaim process but they want the authorities to do something about the way in which lenders have been allowed to misrepresent it and mis sell it for so long.

A good number of UK citizens have lost incredible amounts of money which they file to reclaim, but there comes a point when someone needs to stop the madness and this is why consumer advocate groups are calling for a halt to the loan insurance scam, once and for all. In fact, positive steps have been taken to do just that.

Recent legislation has mandated that consumers can no longer purchase loan protection insurance within two weeks of closing on a loan. In this way they have time to study the policy 'offered' by the lender and weigh it against competing loan protection cover. It is felt that this will put a real damper on the ways in which lenders can misrepresent or mis sell payment protection insurance.

If you are looking to claim back money that was taken from you in what you feel to be the loan insurance scam, contact the claims team at Belmont Thornton, Belmont Thornton. A member of the team would be happy to discuss your complaint in order to figure out the best way to represent you in claiming mis sold PPI.

You can call the claims line on 0207 471 2000 or you can fill out the brief contact form to have a team member contact you within 24 hours. We work on a no win no fee* basis so that you can be assured we are here to help you claim back what is rightfully yours. We can't promise to end the loan insurance scam but we can promise to act on your behalf throughout the entire PPI reclaim proceedings.


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