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Loan Payment Protection Insurance

In the UK today we are ever aware of the fact that lenders have been mis selling payment protection insurance for several years now and it is our right to claim it back if we are numbered amongst those who have been mis sold this rather questionable cover. However, there are a number of different types of loan payment protection insurance and because of this, many of us may not be aware of the fact that we have been paying for an insurance policy we never knew we had!

Different Types of Loan Payment Protection Insurance

Usually referred to as payment protection insurance, or PPI, this type of insurance cover is also referred to in a number of other ways, depending on which type of loan it is sold alongside. It is apparent that loan payment protection insurance is attached to a loan whether it is a mortgage loan, a car hire purchase loan or even a personal loan. When attached to a credit card it is usually referred to as either payment protection insurance or as credit card payment protection insurance. Then there is overdraft protection as well. In any case, any of this type of insurance can, and has been, mis sold to an unsuspecting public. As a result, there are increasing numbers of individuals reclaiming PPI.

How Is Loan Payment Protection Insurance Being Mis Sold?

There are actually a great number of ways in which loan payment protection insurance is being mis sold but most often it is either mis represented or sold to borrowers unbeknownst to them. Lenders are promising cover where there is none and also failing to match the product with the needs of the individual. For example, it has been found that people over the age of 65 have been mis sold PPI and are able to claim back bank charges because the lender should have known they were ineligible for cover resulting in mis sold payment protection insurance. It is the lender's responsibility to disclose the details of the policy (conditions, exclusions, the term and the price) before selling that cover to anyone. Across the board lenders are selling loan payment protection insurance without giving the borrower ample information to base a purchasing decision on.

What You Can Do About Mis Sold Loan Payment Protection Insurance

Whilst the most important thing you can do is to file a claim to recover money spent on mis sold PPI, it is also important to make sure you protect yourself from further misselling attempts by various lenders. If you are at a loss as to how to file a PPI claim, talk to the claims team at Belmont Thornton. Belmont Thornton conducts a brief initial consultation (free of charge!) and then will help you file mis sold PPI on a no win no fee* basis. You will be sent a claim pack via post which you will need to complete, sign and send back as soon as possible. Once we have that in hand we can go to work for you as your representative in filing back mis sold PPI. To speak with a member of the claims team, call 0207 471 2000.


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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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