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Loan Protection Advert

Loan insurance, formally known as payment protection insurance (PPI), is a type of policy that is supposed to provide assistance with repayments when a borrower is unable to make payments due to unforeseen circumstances. A £10,000 unsecured loan can carry a PPI policy that costs as much as £5,000, which is a significant refund that can provide substantial repayment assistance for borrowers that are successful in claiming PPI insurance back. A typical PPI policy can cost as much as 50% or more of the total loan amount. If you're interested in filing a PPI claim and would like to learn more about policy eligibility and grounds for reclaim, consider the information contained within the following paragraphs.

I Was Not Given a Loan Protection Advert or Choice in Purchasing the Policy

You may want to contemplate claiming back funds spent on PPI if the lender didn't fully discuss the policy eligibility stipulations and exclusions for your PPI policy, or did not adequately inform you of the policy premium. A PPI claim may also be honoured if the loan company convinced the borrower that not paying for the policy could reduce the total amount that can be borrowed, that it is mandatory for the approval of the loan, or that. If you believe that you were not clearly informed about how the insurance policy works, the type of coverage it provides, how much it costs, and policy repayment guidelines, you may want to consider filing a claim against the lender that mis-sold the policy.

How to Assess a Loan Protection Advert

When assessing a loan protection advert it is most important to consider the coverage eligibility requirements of the policy, as well as the cost of the premium. A great deal of consumers that are desperate for assistance are terrified of being denied approval, and are therefore almost coerced into paying more for a PPI Policy out of fear and desperation that is exploited by the lender. Roughly one third of the claims sent to the Financial Ombudsman Service (FOS) pertain to borrowers reclaiming payment protection on loans. Just about sixty percent of the events reviewed in 2007 were in regard to various kinds of loans, including personal, student, and business loans.

Should I Fall for a Loan Protection Advert?

Although policies can total up to as much as half of the total amount borrowed, only 15% of policyholders receive help with repayments, so it would be very inadvisable to purchase most loan protection policies. In 2010 approximately 50,000 claims were submitted against dishonest lenders that mis-sold PPI. This year, an anticipated sixty to seventy thousand UK citizens will be victorious in claiming back funds that were PPI Expenses. Approximately 7 million PPI policies are taken out, resulting in the generation of approximately £5.5 billion in premiums for insurance companies and lenders that are involved in the underwriting of these policies.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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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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