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National PPI

The overwhelming prevalence of mis sold payment protection insurance of payment protection insurance (PPI) policies in the UK is directly caused by a combination of greed and the propagation of misguidance on the behalf of lenders responsible for selling PPI policies. PPI policies are often sold forcefully or deceitfully by lenders, banks, card issuers, and brokers that are motivated by profits earned through commissions, as well as additional interest that will be earned on the overall loan amount due to the PPI policy premium. Unfortunately, many consumers don't even realise that they've paid hundreds or even thousands of pounds towards the policy until the insurance company denies their claim due to alleged ineligibility.

National PPI Price Facts

The majority of consumers pursue reclaiming PPI on loans because they believe they were not explicitly taught how the PPI policy works, what type of protection it can provide, how much it costs, and policy repayment requirements. Surprisingly, the cost of a PPI policy for a £10,000 unsecured personal loan can range anywhere from £1300 - £5600, often depending on nothing more than the preference of the lender that is turning a profit to the sale of the policy. Perhaps even more disheartening is the fact that the FOS has determined that some lenders and brokers earn the majority of their income through the unethical sale of PPI policies.

National PPI Policies Sold Because of False Obligations

A borrower may be entitled to reclaim mis sold payment protection if you were told that the policy was mandatory or somehow necessary for loan approval, or that it could affect the amount of the loan. About 30,000 payment protection insurance claims were filed in 2009, 50,000 in 2010, and an estimated 70,000+ UK residents will file for a PPI refund in 2011. Unfortunately, financial authorities like the Financial Services Authority (FSA), the Financial Ombudsman Service (FOA) and Citizens Advice Bureau (CAB) expect millions of PPI policies to be mis-sold within the next couple of years.

National PPI Coverage Requirements

If you are under the impression that you were not completely advised about the policy's coverage criteria and cost or should not have been offered the policy at the time of loan signing, you may want to consider claiming back mis sold PPI. Though coverage guidelines can vary depending on the policy stipulations, a large percentage of applicants will have their claims declined on account of alleged ineligibility. You could be allowed to claim back funds allocated to PPI if the lender didn't completely describe the policy eligibility requirements and exclusions for your PPI policy, or didn't adequately inform you of the fee for the policy.

For further information on national PPI refunds and how to claim mis sold payment protection, browse through the extensive information we have provided for you here on our website. At Belmont Thornton we want to help you recover what is rightfully yours, but as a licensed Credit Consumer company we want you to be aware of how to protect yourself from mis sold PPI in the future. Get back what was taken from you now and be on guard not to fall prey again.

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