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PPI Premiums

Part of the confusion surrounding mis sold PPI is the fact that PPI premiums are handled in a totally different way than on most other insurance products. For example, if you buy automobile insurance you are quoted several prices, one if paid in full, one if the policy is paid over so many months and another if more instalments are needed. PPI premiums, on the other hand, are paid in full by the lender at the time of closing and then tacked onto the loan to be paid right along with the money being borrowed. Then, instalments also have finance charges, interest and perhaps other charges that will need to be paid as well. The one sore point on the majority of consumers' minds is that payment protection offers little in the way of cover but comes with a huge price tag!

PPI Premiums a Clue to Mis Sold PPI

There are altogether too many times when the lender added PPI to the loan without the borrower's knowledge or approval. Since the cost of payment protection insurance is so high it is readily apparent within the first few months of closing on the loan that something is wrong somewhere. This is how a good number of consumers found they were mis sold PPI and the ultimate reason why they were successful in filing payment protection claims against the lender. Consider if you will for a moment the cost of PPI. It can cost anywhere from 15 or 20 percent to over 56% of the amount being borrowed. Can you imagine the difference in monthly payments when a borrower takes out a £100k mortgage and ends up paying the equivalent to £150k?

PPI Premiums Not Commensurate with Cover

Another of the chief complaints which many consumers have is that PPI premiums are not commensurate with cover. There can actually very little cover on a PPI policy because there are so many exclusions but some borrowers are asked to pay high premiums for that minimal cover. Then, to make matters even worse, many consumers find out down the road that they were ineligible for cover in the first place and making high premiums along the way.

Anyone who has been paying high PPI premiums on mis sold cover can contact the PPI claims team at Belmont Thornton for assistance in filing a claim. The professional claims specialists can answer any questions you may have whilst helping you to understand the claims process. If you should file with Belmont Thornton you will not be assessed a fee unless they achieve a successful resolution to your claim. With a no win no fee* contingency. Call the team today 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 www.gov.uk/moj/cmr 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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