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Loan Protection Policy

Anyone who has taken out a loan in the past six to ten years has probably also been subjected to a loan protection policy that they neither wanted nor could afford. In fact, there is so much controversy surrounding mis sold PPI that if you didn't know you had it before, you surely do now! Lenders have been selling payment protection insurance alongside loans and sometimes weren't even giving borrowers a chance to either agree or not to agree to the cover which is why many people started looking at their loan docs. Sometimes the high cost of insurance led them to question why their monthly payments were so high whilst other times the media attention clued them in to begin asking questions. In any case, if you have had the misfortune of being sold a loan protection policy you are probably now trying to claim back PPI.

Why All the Controversy?

Even though the whole issue of mis sold PPI has been all over the news, some people are still not understanding why all the controversy about something as seemingly innocuous as a loan protection policy. It actually sounds like a good thing, right? What could be wrong with an insurance policy that provided cover to make payments if the policyholder suddenly loses income due to unemployment or illness? Actually there is plenty wrong with a loan protection policy! To begin with, very few people are eligible to draw benefits but they are being sold a policy anyway. It is estimated that roughly 13 to 15% of all people in the UK would be able to benefit from loan protection which means that between 85 and 87% of all people who buy a loan protection policy would be denied cover. Added to that is the concern that PPI is extremely expensive, costing as much as 56% (or more!) the total cost of the loan.

Where Does This All Lead?

After understanding just how great a disparity there is between benefits and cost, many people are asking where this leaves them. This is also part of the problem. Some people were sold PPI and were actually the 'victims' of being mis sold but others actually did purchase a loan protection policy that was legally binding. Here is the 'catch.' If you were mis sold PPI in any way whatsoever, the lender has a legal obligation to refund premiums. Lenders are being asked to closely examine their records to see if there are any signs of the cover having been misrepresented or mis sold. Unfortunately, these lenders are so bogged down with a backlog of complaints from individuals claiming back bank charges that they are almost unable to comply with regulations. This leaves the borrower waiting inordinate amounts of time for the lender's decision on whether or not the mis sold loan protection policy will be refunded.

Because of all the red tape involved with filing for a refund of mis sold payment protection, many people are turning to third party representatives to file claims for them. Belmont Thornton, Belmont Thornton, is licensed in Consumer Credit by the Office of Fair Trading and is registered with both the Ministry of Justice and the Information Commissioner's Office. If you feel that you have been mis sold PPI and would like representation when filing a claim, call 0207 471 2000 to speak with our claims team today who can get you on the filing fast track within just 24 hours.


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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 www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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