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Personal Loans Insurance Claims

It is feared many consumers may have been mis-sold personal loans insurance. The fears emerged as a result of investigations undertaken by the Financial Services Authority into the sale of the cover. It was revealed that policies may have been paid to customers who were unsuitable or ineligible to use the cover. As a result, personal loan insurance claims have risen dramatically.

Why Personal Loans Insurance Claims Are Not Paid

When you take out a personal loan most often you have exemplary credit. It personal loan is unsecured which means that it is your credit score that qualifies you for the loan. Many lenders mis-sell PPI by making false or exaggerated claims about the cover while others simply don't bother telling the consumer they are adding PPI cover to the loan. In any event, there are literally so many conditions and exclusions that the average person may not be able to claim against his or her policy on a good day. However, lenders know that consumers are eager to qualify for a personal loan even though they have a less than perfect credit score so the lender will act as though PPI cover will work toward qualifying the consumer loan. If for any reason that consumer needs to file personal loans insurance claims they will undoubtedly find that the policy just cover them. In understanding exactly what these exclusions are it's easy to see why personal loans insurance claims are not paid.

Personal Loans Insurance Exclusions

In some mis-selling cases lenders don't tell consumers about the main exclusions listed on the policy. Some of these exclusions include the fact that most payment protection insurance cover doesn't cover anyone over the age of 65 nor does it cover anyone out of work because of a pre-existing medical condition. If you expect your personal loans insurance to make payments because you lose your job or suddenly become ill you had better make sure that you are not covered by sick pay or are not down with an illness relating to a pre-existing condition. Personal loans insurance was designed to help people who were suddenly unemployed even if only temporarily but it never seems to work in quite that way. Other exclusions include pregnant women, self-employed individuals, those who are temporary workers and anyone out of work because of a back injury. You can see by now that there are more exclusions than there are covers.

If you feel that you have been mis sold PPI cover talk to a claims handler today to get started on a PPI claim. Your initial consultation only takes a few moments in order to establish that you have truly been mis-sold PPI and there will be no fee for this consult if you contact Belmont Thornton. In fact there will be no fee unless they win the claim for you. To talk to a representative from the claims team call 0207 471 2000


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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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