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What Is Loan Protection Insurance

This is a question many people when the subject is broached whilst they are in the middle of taking out a loan. This is because almost all lenders, no matter the type of loan are offering or to be more correct, pushing payment protection on all borrowers. What is loan protection insurance? It is an extra expense and one that you probably do not need. However, unless you are well aware of what is going on with your loan, you may actually be paying for this cover without even realizing. Unfortunately this is something else that happens all too much. More commonly the lender uses the angle of fear by telling the borrower that without the policy the loan may not be approved. This is one of the most common ways of mis selling PPI and in many cases leads to payment protection claims.

What Is Loan Protection Insurance Good For?

If you have recently discovered that you are one of the millions of people in the UK who have been paying ridiculous amounts of money on an unwanted and unnecessary PPI cover then you might want to start considering what is loan protection insurance really going to do for you? You also want to figure out whether or not you are even someone who would be eligible for the cover as only about 20% of everyone who has a policy is. In addition, of the people who do qualify based on their circumstances as in health, age and employment conditions, only about 50% of them will ever successfully file a claim with the loan protection company. What is loan protection insurance going to do for the people who really do not qualify for it? That seems to be an even better question. The answer is nothing. It is going to do nothing but take more of their hard earned wages.

How to Get Out of Paying for Loan Insurance

In truth, to get out of paying loan insurance all you really have to do is cancel the policy. This cannot be too difficult but the unfortunate thing is that you will not be able to get your money back that you've paid in. In order to get a PPI refund you will have to file a claim against the lender that sold you the PPI cover. The best way to go about doing that is to contact Belmont Thornton, Belmont Thornton and allow them to assess your situation. There is a very good possibility that they may be able to help you get a refund on some or even all of what you have paid in thus far.

The thing to remember is that not everyone who makes a claim will get a refund, but by having Belmont Thornton in your corner your chances increase significantly. We can be contacted via this website or you can call us at 0207 471 2000. Filing for a claim may take some time and you may have to wait anywhere from 4 to 8 weeks to actually get the money back, but take comfort in knowing that we will not charge you a pound* until you have your refund.


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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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