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Personal Loan Insurance Claim

Everyone knows that the interest rate on personal loans is usually much higher than it is on any kind of secured loan as well as the fact that personal loans are also harder to qualify for. In the past, some sales staff used this as a selling tactic when trying to persuade consumers to purchase payment protection insurance. The unfortunate thing is that PPI has turned out to be what has been called the biggest scam in the history of the lending industry in the UK with PPI mis-sold to people who can never hope to make a claim against their policy.

Problems with the Personal Loan Insurance Claim

Once consumers have purchased PPI for personal loans they feel more secure because in the event they should be unable to make a payment on the loan there is cover in place. Unfortunately, many consumers have been mis-sold PPI and would never be eligible for cover under any circumstances. Personal loans have been issued with mis-sold PPI to self-employed individuals, temporary workers and even those over the age of 65. These groups of people are not eligible to make it personal loan insurance claim simply because of all the exclusions on a PPI policy. More and more people are finding that there is no security in payment protection insurance simply because too many people are automatically excluded from filing a personal loan insurance claim. As a result, tens of thousands of PPI claims are reaching the desks of lenders from consumers looking for a refund based on mis-sold PPI.

How Do I Get a Refund for Mis-Sold PPI?

If you are wondering how to go about getting a refund on mis-sold PPI the first thing you will need to do is prove that you were mis-sold that insurance cover. There are a number of reasons you could cite such as the examples above but also people are proving that they did not know PPI was being added to their loan. A PPI reclaim on money spent for mis-sold insurance cover is also handled in the same way by proving that you had no idea that insurance cover was being added on top of the amount you are borrowing. In order to get a PPI refund you must first file a claim with the lender and wait for their decision. If your lender rejects your claim you then have the right to refer it to the Financial Ombudsman Service. 

It personal loan insurance claim can be just as frustrating to file as any other mis-sold PPI insurance claim. For this reason you may want to contract the services of a professional PPI claims team to handle filing your claim and all subsequent communications. Just be careful to choose a PPI claims company that is registered with the Ministry of Justice and willing to work on a no-win no fee contingency.


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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.

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