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Unfair Payment Protection Insurance

It seems odd to think that any type of insurance cover could actually be considered unfair but when it comes to unfair payment protection insurance there are really no two ways about it. Why is this type of cover unfair? Well mostly because borrowers are not being given a choice in the matter. Lenders are acting like sharks and literally forcing people into accepting one of these payment protection insurance covers. The tactics are usually the same, fear of being denied for the loan as a result of refusing the payment protection insurance, fear that you may become ill and then lose the ability to pay your loan, thereby either having your home repossessed or your credit destroyed. Whilst there are many different tactics used the one common denominator is fear and the lenders have learned it well. So you see, unfair payment protection insurance is simply that which has been forced on a borrower who feels he/she has little choice in the matter.

Is PPI Even Beneficial?

To some people, very few we might add, payment protection insurance is a wonderful resource, expensive but handy. Of course pay attention to the word few, that being the operative word. Only about 20% of all people who are sold payment protection insurance are actually eligible for the cover and of that 20% only about half of them will ever be approved for a claim. This means that unfair payment protection insurance seems to go across the board. Even people who are eligible for the cover may never receive even one month of loan repayment. The reason this is so bad is that the cover is horribly expensive. If you are talking about loan insurance on a credit card that has an 18% interest rate attached to it then you are talking some serious money when you add the unfair payment protection fee to that.

Why Are Claims Denied?

The list of reasons for claim denials is probably so long that it could span a whole city block. Obviously we will not be able to highlight them all here but we can mention the most common. The very first reason an unfair payment protection company will give is that the borrower was never supposed to be covered under the policy for whatever reason. Being that there are so many things that make a person ineligible, it is not hard to find an excuse where this is concerned. A payment protection claim that is denied will usually prompt a reclaim to be file against an unfair payment protection policy.

Typically, if proof can be furnished that the your PPI was mis sold or that you have fallen victim of a lender selling or pushing unfair payment protection on you then you may have a very good chance at getting a refund. If you are unsure as to whether or not you have a case then you can contact Belmont Thornton today and we will be happy to look over your situation and advise you as to your next step.

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