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Price Protection Insurance

Studies conducted by the Financial Services Authority (FSA) revealed that only 5% of the PPI policies reviewed were actually sold legitimately, with the other 95% being mis-sold due to dishonest persuasion and/or misinformation. Fortunately, tens of thousands of UK residents are reclaiming PPI payments each year with the assistance of professional firms like Belmont Thornton, Belmont Thornton. You would think that he term "price protection insurance" would invoke a sense of confidence in the minds of a borrower, particularly if their lender has already deceived them into thinking that the policy will cover their repayments if they became unemployed or injured. Price protection insurance (PPI), also known as payment protection insurance, is supposed to provide a backup source of funding for repayments if a borrower or cardholder is unable to work for various reasons.

The Increasing Prevalence of Price Protection Insurance Mis-Selling in the UK

Some mis-sold PPI policies are paid for by a one-time premium charged upon loan signing, while others are paid for gradually in the form of monthly bank charges. If the PPI is paid for with a one-time premium, the cost is usually covered by the lender, who then adds the price of the policy to the overall loan amount so that it will be repaid gradually along with the original loan amount. Borrowers that were unknowingly sold a PPI policy, which was paid for by a one-time fee funded by the lender, have the highest chances of claiming back PPI insurance successfully. Even if the lender used deceitful misinformation to persuade you into purchasing the policy willingly, you're still eligible for a PPI refund.

The Benefits of Filing a Price Protection Insurance Claim

If you are fortunate enough to be within the small percentage of PPI policyholders that are granted benefits, it'll take many weeks to receive even the smallest amount of repayment assistance, so it would be much more advisable to begin claiming back PPI insurance charges rather than pursuing policy benefits. Belmont Thornton can help you receive a full refund for all of the money spent on a PPI policy without any significant effort on your behalf. Although many people that are tempting to reclaim PPI have already attempted to file a payment protection claim against the policy, some have not yet been denied repayment assistance. Before filing a claim against your PPI policy you may want to consider claiming back PPI insurance instead, as very few PPI policyholders that file claims are deemed eligible for benefits.

Why Do Price Protection Insurance Policies Cost So Much?

When the claims ratio of PPI policies is compared to that of other types of insurance (household insurance has a claim ratio of 55%) it is not surprising that the FSA has been investigating these policies for the past six years. If you're successful in claiming PPI insurance payments back you may also be able to have the loan terms and conditions renegotiated. As an example of the excessive cost of a payment protection insurance policy - a £10,000 personal loan can carry a PPI policy that costs as much as £2,500, which is a significant refund that can provide substantial repayment assistance for borrowers that are successful in claiming PPI insurance back. The price of a PPI policy can be as much as 15 to 25% of the total loan amount. In addition, the claims ratio for PPI policies is only 20%. This means that for every pound spent on a PPI premium, payment protection insurance companies pay out only £0.20! Given such figures it is evident why so many UK residents are claiming PPI insurance payments back with the help of Belmont Thornton.

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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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* 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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