Belmont Thornton Logo
Claim Back Loan Insurance

Personal Loan PPI

Finding a lender who will issue a personal loan during hard economic times is not an easy task so the lending industry has been using this against consumers when trying to sell personal loan PPI. Whilst you may believe that payment protection insurance will help you make payments if you suddenly lose your job and are unable to pay for your loan for a finite period of time this isn't always why the lender is trying to sell you the cover. When you understand just how expensive PPI is and how much the lender stands to gain by selling you personal loan PPI you will understand why they are coercing consumers to carry this insurance.

Why Lenders Push Personal Loan PPI

It may not be readily apparent why vendors push personal loan PPI but once you understand the economics of it, it will become clear quite quickly. Payment protection insurance can be extremely expensive and it isn't paid for in the usual way that insurance premiums are handled. Personal loan PPI is paid in a one-time premium that is added to the loan at origination. The cost of PPI can run anywhere from 20% of the amount being borrowed to more than 50% of the amount of the loan. Each month your loan payment will be bigger because you will be paying part of the premium plus interest. However, the lender receives interest on the premium you are paying and perhaps even got a significant commission from the insurance provider for selling that product. This is why many people believe lenders are pushing personal loan PPI.

What You Can Do to Claim Back Mis Sold PPI

Because it has been in the news so much, most everybody in the UK knows that they may be entitled to a refund if they were mis-sold PPI cover. The key to claiming back bank charges is to prove that the lender knowingly misled you or deceived you in some way so that you would be willing to purchase PPI. Perhaps you were amongst individuals who are always excluded, such as those who are self-employed, and perhaps just added PPI to the loan without your permission or knowledge. In any case what you can do to claim that will mis sold PPI is to file a claim against the lender to claim back PPI.

Just like any other type of PPI personal loan PPI is expensive and often does not provide the cover it was intended to provide. If you feel that you have been mis-sold PPI you can file a claim against the lender. Since you have probably paid a lot of money into it by this point in time you wouldn't want to forget about it so your only option is to file a claim requesting the lender refund PPI money. For further information on filing a personal loan PPI claim against your lender, call 0207 471 2000.

Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Why Choose Us?

  • TickAbsolutely No Upfront Costs. No Win No Fee*
  • TickSpecialist Claims Team Always On Hand To Answer Your Questions
  • TickQuick, Easy And Simple Process
  • TickU.K. Based Call Center
  • TickGuaranteed To Start Your Claim In 24 Hours

Loan claim: Building societies warn of house price bubble

The Building Societies Association (BSA) is the latest to warn about the potential house price bubble that could arise f...

Bank claim: Lloyds raised concerns on Co-op finances

Lloyds Banking Group was aware that the financial position of the Co-Operative bank was unstable, said Lloyds chief exec...

Loan claim: first time buyers locked out for a decade

First time buyers will have to save up their deposit on a house for more than ten years, according to research from the ...

Bank charges: Commission tackles issue of RBS

The weak position of the Royal Bank of Scotland (RBS) is damaging to the UK economy, according to the Parliamentary Comm...

Bank charges: Report says customers and taxpayers were failed

Customers and taxpayers have been failed by the financial sector, according to the final report from the Parliamentary C...

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN 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.

Please note that calls may be monitored for the purposes of staff training.

* 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.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide