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Loan Payment Protection Refund

For several years mis sold PPI has been in the spotlight and it is estimated that millions of UK consumers may have actually purchased this questionable cover without ever having been aware of it. However, because of all the publicity people are now becoming aware of the fact that they can file for a loan payment protection refund in order to recover money they shouldn't have been paying. The truth of the matter is, payment protection wouldn't have been such a bad product if it had been designed to provide the cover it should have provided, if it weren't so expensive and if lenders had sold it reasonably.

The Lack of Cover

It goes without saying that any insurance product needs to have some limitations or insurance companies would go bust before they got off the ground. However, the lack of cover on a payment protection policy is absurd. There are so many exclusions that it just doesn't make sense to even offer it for sale and why there are so many payment protection claims from consumers wanting their money back! According to market analysts, and as reported by the FSA and CAB, only 13% of people would ever be eligible to draw benefits since there are so many exclusions. Those statistics are pretty grim when you take into consideration that 60% of all loans carry some form of payment protection and again, why so many people are forced to file a loan payment protection refund.

Let's Talk Exclusions

One of the most prevalent reasons why so many people are eligible for a loan payment protection refund is because of the fact that their lender did not take the time to match the insurance product with their specific needs. It makes no sense to sell payment protection to a person who is over the age of 65 since they are always excluded, yet lenders are doing this everyday! Then, the number one reason why people miss work is for back injuries and these are excluded as well. Also, anyone with pre-existing conditions aren't covered, part time workers aren't covered, temporary employees aren't covered nor are those who are self employed and believe it or not, this is just the tip of the iceberg. There are more payment protection claims being filed for a loan payment protection refund because the product was not matched with the needs of the consumer than for almost any other reason.

The government has been carefully scrutinising whether or not lenders are taking into consideration the needs and desires of the consumer when selling payment protection insurance. It is a real travesty to sell PPI to a person who just will never be able to use it. Whilst there are times when a lender may make an honest mistake by failing to see that the borrower would be excluded, most often their driving force is increasing the amount of money the consumer is borrowing along with the added interest that would be there because of loan insurance. If you feel that you have been mis sold PPI and are due a loan payment protection refund, contact Belmont Thornton for further information on claiming back mis sold loan insurance.

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