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Private Protection Insurance

Not all loans are given by major financial institutions. There are many smaller entities and even individuals who give out loans and these are usually referred to as private lenders. There is a common misconception that if you've received your loan from a private lender you do not have to worry about payment protection insurance claims and other undesirable issues. However, this is not true. There is private protection insurance as well and private lenders are in the business of making money off you by selling this cover to you. In fact in some cases the lender is also the insurance underwriter! This means that the lender is not only making money off the interest you are charged but also for the exuberant fees you are paying for private protection insurance. If you've taken a loan from a private lender then you should immediately look into the possibility that you are paying for private protection insurance without even knowing it. If you've been wondering why your payments are so high then this may just solve the mystery.

With Private Protection Insurance - Who Is Holding the Ball?

In ordinary cases of mis sold payment protection in which the lender and the insurance company are two totally different entities, the lender is typically held responsible for mis selling the cover, rather than the insurance company itself. The reason for this is that the lender is supposed to go over everything with the borrower before selling the cover. If the lender does not do their job then this is hardly the fault of the insurance company. This is especially true if the lender is filing false information with the underwriter. Now, with private protection insurance things can be a little different. If the lender is also the underwriter then obviously the lender and whatever company they are doing business as when selling the insurance is responsible.

How Will Mis Sold Private Protection Insurance Affect the Lenders Selling It?

Obviously when a lender is caught mis selling payment protection insurance then there is usually some sort of consequence. This typically comes in the form of a fine. However, if the lender is a private lender selling private protection insurance from another business owned by the same company then we imagine the effect is even worse. Not only will the lender be held responsible but the insurance company as well, as they are one in the same.

Whether you have been sold private protection insurance or payment protection insurance is of no matter. Belmont Thornton are the right people to help you reclaim your PPI and get a refund on the money you've paid out thus far. In addition, we can also help you to cancel the cover more quickly which will mean less money coming out of your pocket while you are in the claims process. In addition, we do not charge you a fee or retainer for our services so you can rest easy knowing that you will not pay us anything* unless you actually get payment protection refunds.

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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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