Mis Sold Loan Payment Protection
Mis sold loan payment protection is very big news at the moment as increasing numbers of consumers in the UK are filing claims for refunds. It has come to light largely due to the efforts of the Citizens Advice Bureau that literally
thousands of people have been mis sold loan payment protection insurance.
All Can Be Sold - Few Can Claim
Availability isn't really what it appears to be since anyone can be mis sold loan payment protection but not everyone can file a claim against the cover. There are so many conditions and exclusions attached to this type of insurance policy that less than 13% of all people holding payment protection insurance will ever be able to file a claim. Mis sold loan protection has been going on for more than a decade as a result millions of UK consumers are eligible for a loan insurance refund.
So Many Exclusions - So Few Covers
Many consumers were told that they would be able to take advantage of the benefits and loan payments would be made if they could not make payments due to loss of work or illness. In the broad sense this is true but in reality there are so many exclusions attached to the cover that
many common illnesses or reasons for being out of work were not actually covered.
Specific Exclusions - A Case in Point
Mis sold loan protection insurance was promised to consumers who had pre-existing medical conditions and when they tried to make the claim were denied because of that pre-existing condition. Seniors over the age of 65, temporary employees, those who are self-employed and even individuals who were unemployed at the time of taking out a loan were mis sold loan protection. These are all exclusions and blatant examples of just how loan insurance loan protection insurance was mis sold.
Always Keep Your Original Documents
With all the bad press being given to mis sold loan payment protection consumers in the UK have become aware of the fact that they are entitled to a refund if it can be proven that they were indeed mis sold loan protection. It is necessary to have a copy of the original loan documents in most cases in order to prove your case. Whilst the lender is only required by law to keep their hard copy of documents at least six years, consumers can hang onto their original documents as long as they desire.
If you are not clear on how to go about filing a claim against mis sold loan payment protection insurance you should talk to the claims team at Belmont Thornton by calling 0207 471 2000. A claims
handler will be able to discuss with you your options for filing a claim against the lender. For those who file through the services of Belmont Thornton there will be no fee unless your claim is won. With a no win no fee* policy and a huge success rate you can be confident that this team will work diligently on your behalf.
blog comments powered by