Loan Protection Recovery
There are times in life when something is taken from you and try as you might you are simply unable to replace it. Of course, some things are irreplaceable by nature whilst others are irreplaceable due to lack of financial resources. This is the area in which mis sold payment protection insurance falls and unfortunately, loan protection recovery is much more difficult for the people who have fallen prey to PPI than it would have been for those who were never exposed to it. Unfortunately, there is a sick logic to this which can be explained if you understand payment protection insurance.
Payment protection, often referred to as loan protection, is a type of insurance cover that is supposed to provide repayment benefits if the borrower suddenly loses a job or is out of work for extended periods due to illness or injury. Think about this for a moment and you will understand just how significant loan protection recovery is in light of this fact.
Those who don't have a full time job working for an employer don't qualify for benefits. Those who have plenty of money to spare don't need to take out a loan so they wouldn't likely be mis sold any type of payment protection simply because they don't need to borrow money. That leaves roughly the working class, correct? Now just how important would loan protection recovery be to a working family with kids to support? Let's look at that next.
When UK consumers took out loans in the past six to ten years, lenders were doing whatever they could by whatever means were at their disposal to sell payment protection insurance alongside the loans. The reason for this is obvious, because they made a huge profit from something they never had much intention of honouring in the first place. Consider the fact that the incentive for the lender was to the tune of interest at the rate of 13% to 56% or more on the amount of the PPI policy, many of which were underwritten in-house. For this reason, and probably this reason alone, it is difficult to get lenders to admit they mis sold PPI and are not quite reluctant to issue loan protection recovery funds.
So now you have a family where the parents needed to take out a loan to purchase a home. They took a £100k mortgage and the onetime premium cost 50% the amount they were borrowing which equalled £50k. These parents are now paying £150k for a home that should have cost £100. Is that fair? Unfortunately, they soon discover that they did not need to buy that cover as the lender told them they must and cannot afford the huge mortgage payments on their home. Loan protection recovery is possible, but will a payment protection claim come in soon enough to avoid foreclosure? This is where professional help comes in handy.
The PPI Claim Company understands the claims process and has successfully filed thousands of claims for consumers they represent. Lenders aren't apt to send claims back as incomplete because this is the business we are in and our claims are well organised and ready for review. We can't promise loan protection recovery will solve all your problems and we can't guarantee that everyone who files will receive a refund. However, we can guarantee that we will act in your best interest, work on a no win no fee* contingency and we will take your claim as high up the appeals as it goes once we agree to represent you. Some things are irreplaceable, but with our highly skilled claims team, mis sold PPI is not one of them.
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