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Unwanted Loan Protection

Many private lenders, brokers, and even credit card companies have been offering insurance policies along with their financial products in an attempt to earn commissions for each policy sold, while also charging additional interest and monthly fees. Payment protection insurance (PPI) is often referred to by various names depending on the attached financial product (i.e. a PPI policy attached to a credit card may be referred to as "credit protection cover"). Regardless of which name the policy goes by, there is one thing that all of them have in common - an extremely low honoured claims ratio. In other words, it is highly unlikely that you'll be able to receive repayment assistance from your loan protection policy, which is why so many consumers are filing payment protection insurance claims against their lenders to receive refunds for unwanted loan protection policies.

Why Are You Unable to Receive Assistance from Your Unwanted Loan Protection Policy?

There are a myriad of coverage exclusions put in place by insurance companies to prevent fraudulent claims and limit the amount of money that is paid out to policyholders. However, while these coverage exclusions will certainly keep a policyholder from receiving repayment assistance, they do not seem to hinder lenders from suggesting such policies to applicants that are either ineligible for cover or are completely unaware of the policy terms, conditions, or cost. Most of the time policyholders are denied benefits because they are older than 65, younger than 18, employed for less than 16 hours a week, self-employed, enrolled in full-time education, or were in need of repayment assistance because they missed work due to a pre-existing health condition or personal/family issues.

Recognising Unwanted Loan Protection Policies

According to statistics released by the Citizens Advice Bureau (CAB), less than 40% of PPI policyholders are even aware of the fact that they have been paying for, or have already paid for, a PPI policy. Fortunately, as consumer awareness regarding PPI mis-selling continues to increase it is likely that the percentage of policyholders that are informed about their PPI terms and conditions will continue to rise. If you are unsure whether your lender charged you for a PPI policy without your consent, you may want to thoroughly review the fine print of your loan agreement or your monthly loan, credit card, or mortgage statement.

How to Receive a Refund for Unwanted Loan Protection Payments

The first step in obtaining a refund for unwanted loan protection payments is providing basic details about yourself, your lender, the policy terms and conditions, how the policy was sold, and the overall loan amount. You can send us these details via e-mail or through our quick claim form at the top of this page. Alternatively, you can participate in a free consultation via phone if you are in need of more personalised assistance. After we have received your inquiry and the necessary details we will send you a claims pack in the post that provides guidance on how to receive payment protection refunds.

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