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Misold Payment Protection Insurance

A significant increase in misold payment protection insurance was observed over the period 2009 to 2010. These misold payment protection insurance policies are being brought to the table by borrowers who strongly believe that PPI was not presented to them in manner which would be deemed acceptable. There are investigative bodies which have determined that individuals may very well have not been told about the Payment Protection Insurance or in some instances the explanation given to the borrower might not have been enough, given the complexity of the insurance.

Is Loan Insurance Beneficial to Borrower?

Loan insurance covers the borrower in the unlikely event of some financial crisis which will not allow for the continuation of loan payments. Crisis includes unemployment, accident and sickness. This type of insurance was usually administered at the same time the loan was taken by the borrower. It is very beneficial to the borrower; providing sufficient details are given enabling the borrower to make a decision on whether to accept the insurance coverage. It must not be pushed on the borrower and it must be sold to a borrower who is worthy of taking out Payment Protection Insurance i.e. not a borrower who already has Payment Protection Insurance or not an individual who is not employed for one reason or the other. Breaches in the sale of loan insurance can result in misold payment protection insurance.

Negative Publicity Leads to Recovery

On the other hand, loan protection insurance may not cover sole traders in the event of a financial crisis. This form of insurance is expensive and in many cases individuals who were not aware that on a monthly basis the monies being repaid on their loan was inclusive of an insurance premium. They felt that if they had known differently and been given the choice, Payment Protection Insurance would not have been accepted. Individuals in this position have definitely put forward a case of misold payment protection insurance. The concept of PPI is certainly not a bad thing. As mentioned earlier, the sale of this insurance to individuals in what can almost be considered an underhanded manner has sparked the controversy surrounding this type of cover. It is hoped that with the negative publicity received and the educating of the general public that this insurance will operate in the manner in which it was meant to be and that individuals will look around for a cover that is more suitable to their situation.

The ever increasing amount of mis sold payment protection has given way to companies assisting individuals with their PPI claims. Belmont Thornton is one such company with an experienced team of claims handlers to assist individuals who are faced with misold payment protection.  With a no win, no fee* policy, borrowers are assured that no more money will be spent out of pocket until their claim is won. Contact an the claims team now at 0207 471 2000, be assessed and determine if you are entitled to a PPI refund.


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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 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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