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Payment Protection Systems

The scandal surrounding mis-sold payment protection insurance has been described by some as 'the biggest racket to hit the lending industry in the UK.' In order to determine how to file a claim for  mis sold PPI it is first necessary to be able to consider how the lender mis sold this cover. Sometimes, for instance where customers were sold cover they were uneligible to use, the mis-selling is obvious, but in other cases the mis-selling may be less difficult. Some customers, for example, do not reaslise that if your lender failed to explain the full terms and/ or costs to you this can constitute mis-selling. Your cover may also be deemed to have been mis-sold if you had existing cover in place elsewhere.

Adding PPI without the Borrower's Knowledge

Perhaps the most blatant of the payment protection systems is where the lender simply adds payment protection cover to the loan without explaining what the cover is for. In some cases this happened where a borrower has poor or little credit history and is afraid he or she won't qualify for the loan.

Less Conspicuous Payment Protection Systems

Suddenly discovering that you have loan protection insurance on your monthly bill is quite obvious and obviously a case of mis sold payment protection. However, other less conspicuous payment protection systems have also occurred in the past. Many lenders have been found to have sold PPI to senior citizens over the age of 65, to self employed or temporary workers and to those who report that they are soon to be unemployed. None of those people will be able to use the cover as outlined in the exclusions and the lender knowingly sold a payment protection insurance policy that could never be claimed against.

There are numerous payment protection systems designed to inflate the bottom line on a loan. If you are unclear how you were mis sold PPI but want to reclaim bank charges due you, it might be a good idea to consult with a PPI claims company who can get to the bottom of how your cover was mis-sold. Belmont Thornton can help you determine if lenders used payment protection systems to mis sell PPI. If it is found that this is the case they can also help you file a claim for a PPI refund. Call the claims team on 0207 471 2000 today.


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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 B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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