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Loan Payment Insurance

Amidst all the controversy surrounding loan payment insurance and the ways in which lenders are mis selling it, we sometimes lose sight of the fact that this is just a portion of what has gone wrong in the lending industry. According to journalists documenting the mis selling of financial products in the UK, lenders are redirecting their attention towards selling products that yield high commissions as opposed to matching up consumers with financial products that are right for the individual. This is exactly what has happened with loan protection insurance and even at the best of times it may not be a good match for that particular buyer.

What Is Wrong With Loan Payment Insurance?

On the surface, loan payment insurance sounds like a good thing. It is purported as being an insurance product that will make loan repayments in the event of a consumer losing wages due to unemployment, illness or injury. If it were able to do that with any amount of consistency then it would indeed be a good investment. Unfortunately, fewer than 15% of all consumers (not only those who purchase it) could ever hope to draw benefits so there is little point is purchasing protection that doesn't protect! What is wrong with loan payment insurance? In the end, it doesn't pay much of anything at all.

Loan Payment Insurance Reform

Now that increasing numbers of people are aware of the major problems surrounding loan payment insurance more is being done to reform the ways in which it can be sold. Every major news agency has highlighted the payment protection racket and laws are constantly changing to meet the demands of protecting the public from being mis sold loan insurance. The newest laws to go into effect put time constraints on when PPI can be sold and now consumers must wait 14 days after closing on a loan before purchasing payment protection. In actuality, this protects the consumer from lenders who are intent on adding PPI to new loans they finance.

What to Do If You Have Been Mis Sold PPI

Whilst new reforms are good and can protect consumers down the road from the wiles of unscrupulous lenders, you are probably looking at what you can do in the here and now if you have been mis sold payment protection insurance. If you feel that you indeed have been mis sold PPI then it is your right to file a claim with the lender to have your money returned to you. Government has ruled that lenders are to review every claim that comes in with due diligence and to base their decision on refunding PPI based on the merit of each individual set of circumstances.

If you feel that you have been mis sold PPI or that it was misrepresented by your lender, talk to the claims team at Belmont Thornton. We can be contacted at 0207 471 2000 or you can leave your information on the short contact form and a team member will get back with you within a day. Let government work on reforming PPI legislation while we work toward getting that money refunded to you that you paid into mis sold PPI.

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