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Loan Protection Mis Sold

Loan protection mis sold policies are a nightmare for most people to deal with. It basically means that that individual has been paying into something, possibly even for a number of years that he/she did not want and could not put to use. Because of loan protection mis sold there are a wealth of people reclaiming PPI payments they have made over the years. In addition, many people are also reclaiming bank charges that were incurred as a result of loan protection mis sold.

There are quite a few ways that loan protection can be mis sold. If a lender does not use full disclosure when speaking to a borrow about the terms and conditions of his/her loan, including any loan protection that will be placed on the loan then that lender has acted irresponsibly. Loan protection mis sold happens anytime a lender sells a borrower loan protection insurance without his/her knowledge or when the borrower does not qualify for protection under the insurance specifications. Most insurance companies have guidelines for coverage and loan protection companies are not different.

Selling a person who does not qualify for loan protection insurance is like selling a small child auto insurance. It is totally unnecessary for a person who will not be able to file a claim against it anyway. Sadly, this is what we are seeing all over the UK at the current time. People are being sold loan protection insurance even though they have illnesses, are too old for cover, have part time jobs and are self employed, all of which automatically disqualifies the borrower from being covered. This is one reason there are so many claims right now for loan protection mis sold.

So what can be done about this seemingly endless problem? For one, people who are being victimised can fight back by not allowing lenders to get away with cheating them out of their hard earned wages. Additionally, it would be more than ideal if the government would step in and offer more severe penalties for any lender using what appears to be less than reputable practices. As of right now the only thing that seems to be working is that people are standing up to claim bank charges they feel has been taken from them wrongfully.

If you are not sure whether or not you have been mis sold loan protection you may consider looking into the matter. You can start by checking all of your loan statements to see if there may be charges on them that you do not recognize or cannot identify. If there is anything questionable then it is advisable that you have professionals look it over. You do not want to approach your lender without representation.

This is where Belmont Thornton can be quite helpful. In addition, we will not charge you for the consultation and will also file your claims without charging you anything* until your case is settled. This is a no lose situation for you as you won't be paying anything more until you win as you have already lost plenty.


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