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PPI Plan

When it was first conceived, the PPI plan was probably meant to be a good cover for working individuals paying on a loan. In fact, the idea of loan insurance is remarkable in that working individuals could have cover for those times when income was lost due to unemployment or illness and they wouldn't be in jeopardy of defaulting on their loan, losing their home or vehicle or even ruining their credit score. The problem is that the PPI plan just often doesn't provide sufficient cover for the average person and it is often to costly for the average person's income. Because of this, and because lenders saw a way to greatly increase their profits, they began misselling the PPI plan across the board, whether or not the borrower needed it or could afford it!

Limited PPI Cover

In fact, some PPI policies are so limited that very few people would actually be able to claim against the policy! Most PPI plans don't cover any part-time, temporary or self employed individuals. Likewise, it does not cover anyone over the age of 65 and it doesn't cover pre-existing conditions, back injuries or mental/emotional issues which keep individuals from working. There are several other exclusions as well, such as the fact that an employee cannot draw cover if out of work on sick leave that has sick pay involved. Again, this leaves very few people open to draw benefits from a PPI plan.

Cost Prohibitive PPI Plan

Now that you understand just how poorly designed a PPI plan can be and how exclusive the cover is, consider the cost involved! Payment protection insurance costs anywhere from approximately 20% to 56% of the amount you are borrowing which a pretty high cost indeed.  

If you find that you have been mis sold a PPI plan by your lender then you have the right to file a claim for a refund. Don't be afraid to ask for help if you need it as Belmont Thornton work on a no win no fee* basis. Call the claims team on 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 B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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