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PPI Payments

Although you have applied for and qualified for a loan, chances are you may not actually know what your monthly instalments will be until you actually close on the loan. This is one of the reasons why so many lenders have gotten away with misselling PPI for so very long! Those salespeople who summarily tack on payment protection insurance to a loan without giving the borrower a chance to opt in count on the fact that some people just don't understand finance, interest rates and so many other finance charges that can be attached to a loan. Unsuspecting consumers have been literally bilked out of hard earned money because they just didn't understand how loans are supposed to work legally. PPI payments can easily be added to monthly instalments without sthe customer realising.

The High Cost of PPI

Actually you would assume that most people would know that something was wrong somewhere because of the high cost of PPI. In fact, PPI payments can increase monthly instalments by as much as 50% or more simply because that is how much it costs. However, many times the lender will mention that payment protection insurance is being added to the loan but implies that it is a normal part of the loan. You will not be given the opportunity to opt in or opt out because the implication is clear. "We add this for your own good - to protect you from defaulting if you lose your source of income." Again, PPI payments being as high as they are should have set off a red flag, but until enough consumers lodged complaints with the Citizens Advice Bureau, no one really seemed to understand that adding PPI cover without the borrower's consent was just not normal.

Claiming Back the High Cost of PPI

Now that more and more people are beginning to understand that payment protection insurance is not mandatory and that it can significantly increase the amount of monthly instalments, they are filing claims to demand those PPI payments back. When filing a claim it is necessary to state how you were mis sold PPI but after that it is just a matter of waiting for the lender's decision and taking the claim to the Financial Ombudsman Service for review if necessary. At this point it is vitally important to stand your ground against a lender who won't admit to any wrongdoing. After all, PPI payments were not easy to come up with as the cost was so high and it was a cost you hadn't bargained on when seeking the loan.

If you feel that you were mis sold payment protection insurance resulting in high PPI payments each and every month, contact the claims team at Belmont Thornton for information on filing a claim against that lender. There is a no win no fee* policy in force so that you only pay when they win the claim for you. To speak with a member of 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 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.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* 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.

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