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Claim Back Loan Insurance

Loan Protection Insurance Claim

Loan insurance, is often sold in combination with a loan or credit card by lenders looking to earn commissions and increase the overall loan amount. Personal loans, business loans, home loans, and even credit cards may have insurance policies included with the overall loan amount, which not only causes monthly repayments to be higher, but also gives the lender a commission for selling the insurance policy. The rampant mis-selling of PPI coverage in the UK is directly caused by greed and the desire to earn greater profits.

Reasons to File a Loan Protection Insurance Claim

Lots of consumers that are already having financial difficulties are so anxious about being denied approval that they are really willing to pay extra for a loan protection insurance policy. Even though PPI policies may constitute close to 13 to 56% of the original loan amount according to the FOS, fewer than 15% of clients receive repayment assistance. Close to 30% of the claims sent to the Financial Ombudsman Service (FOS) are related to customers claiming back payment protection on personal loans or credit cards. Approximately 60% of the complaints examined pertained to different types of loans, while the other 40% pertained to credit cards and mortgages. Studies released by the FSA have also shown that nearly 95% of policies reviewed were classified as mis sold PPI.

The Facts about a Loan Protection Insurance Claim

When the claims ratios of PPI policies are compared to that of other types of insurance (household insurance has a claim ratio of 55%) it is not surprising that the FSA has been investigating and scrutinizing these policies for the past six years. The cost of a PPI policy can be as much as 15 to 25% of the total loan amount. In addition, the claims ratio for PPI policies is only 20%, which means that for every pound spent on a PPI premium, payment protection insurance companies pay out only £0.20! On the other hand, the average amount received in a loan protection insurance claim against the lender for selling mis sold payment protection is about £2,500.

The Process of Filing a Loan Protection Insurance Claim

After making a couple of simple inquiries regarding the amount borrowed, loan type, and the lender at fault for mis-selling the policy, Belmont Thornton will analyse your case and offer important guidance for claiming back PPI payments. After taking part in a cost-free consultation you can determine whether or not to pursue the case as per the assistance of Belmont Thornton, after which the process of filing a claim would begin. someone that has been making repayments for several years may want to consider claiming back payment protection on credit cards, rather than continuously making payments with a small chance of receiving repayment assistance in times of need.


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