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PPI Policies

Within the past several years it has become increasingly obvious that the mis selling of PPI has become one of the biggest scandals to ever have infiltrated the lending industry in the UK. So many lenders have been literally pushing PPI cover on potential borrowers that consumer advocate groups and government agencies have taken notice. Steps have been taken to correct the misselling of payment protection insurance but there are still serious questions over the cost of the cover.

Basic Premise of PPI

In principle, loan insurance is a good cover to have because it is supposed to make payments on a loan if the borrower is unable to make those payments because lost income due to unemployment or illness. That sounds like a very good thing, doesn't it? Unfortunately the PPI policies offered by most lenders don't work like that because of the fact that there are so many exclusions. Too many people are not eligible for cover because of pre-existing conditions that keep them from work, their age, their job status and even losing work because of such things as a back injury or mental illness. It has been said that it is a good policies that was poorly designed. Even though the basic premise behind PPI policies was meant to be good, the lack of cover and the high cost often make it very poor value for money.

Outrageous Premiums

Another sore point amongst many consumers is the high cost of PPI policies. The usual price range is between thirteen and twenty-five percent of the amount of the loan. Now add those outrageous premiums to the fact that there is relatively no cover and you will see why many borrowers just would not purchase loan protection insurance unless they were literally forced to in some way or another. Not only was PPI sometimes added to the loan without the borrower's knowledge but some lenders coerced consumers by telling them they would not qualify for the loan unless they purchased a PPI policy. The more you understand just how many flaws there are in PPI cover, the more you wonder how so many insurance policies were allowed to be written!

Whether or not you wanted PPI cover on your loan, if you were mis sold payment protection insurance then you may be eligible for a refund and compensation. A professional claims company can help you determine whether you have been mis sold PPI and if you would qualify for a PPI refund. Belmont Thornton has a team of professional claims handlers on hand to answer any questions you may have. You can call them at 0207 471 2000 or fill out a brief contact form found on the website. A claims handler will get back with you at the earliest convenience to discuss getting you on the road to claiming back mis sold PPI.

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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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