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Loans with PPI

Loan protection insurance is a very common thing. In fact, just about all loans and credit lines that have been received over the six to ten years have had this type of cover sold alongside them. Many lenders even use scare tactics such as making people believe that the approval of the loan or credit line is in jeopardy without the loan insurance. This is not only unethical but it is nowhere near a legal practice.

You will find that adding PPI to loans is a way of adding to their bottom lines and in extreme cases, some lenders don't even mention the cover at all! They simply add it to the loan without saying a word and it is consolidated into the actual loan payment. Sadly, most people are unaware that they are having money drained from them in this way so they go about their lives as if there is no problem, which is until they find themselves having to file a claim against their loans with PPI once they discover its presence.

Because it sounds like having payment protection can be of benefit to the policyholder, many people are questioning if loans with PPI are better. No, loans with PPI are not better. Not unless you fit into a very small group of people that can actually be approved for cover. Recent studies have uncovered that only about 13% of people who carry loans with PPI cover can file for benefits and be approved. The rest are denied for one reason or another.

It would be wiser to save money in an extra account somewhere for a rainy day fund than it is to pay what could amount to as thousands of extra pounds every year for loan insurance cover that is virtually useless to most people. Imagine paying into loans with PPI for years only to find out that you never could have been approved for a claim anyway as a result of mis sold PPI. Now understand that this is precisely what is happening to people throughout the UK every day of the week. They are being told that they are not qualified for policies they have been carrying and paying on for years!

Many people are finding that hiring professionals such as the Belmont Thornton claims team is the fastest, smartest and easiest way to get through the mis sold PPI claim process. This is because we have been dealing with this and handling thousands of cases. Mis sold PPI is not a joke and should not be taken lightly. It is a form of taking your money under false pretenses and no one should settle for this.

In fact, the more people who stand up and let lenders know that this practice is not going to be tolerated; the better the chances are that lenders will finally get the message. Loans with PPI are not all lenders would have you believe they are and the sooner people realise that the better off they would be. The hope is that one day the government will step in and eliminate this growing problem. However, until that day, it is up to the borrowers who have been affected by mis sold PPI to take action.


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