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Loan Protection: was your policy mis-sold?

If you have taken out a loan in the last 10 years it is highly likely you were offered some form of loan insurance by your bank or building society. Loan protection, often known as Payment Protection Insurance (PPI), is designed to take over repayments if the borrower is unable to work due to unemployment or ill health. There are currently over 20 million active protection policies in the UK and the industry as a whole is worth more than £5 billion a year. The policies are controversial, though, as they are often very expensive and have a high number of exemptions. Added to this, the insurance was, for many years, widely mis-sold.

Questions were first raised regarding loan insurance in 2005 when The Citizens Advice Bureau (CAB) submitted a ‘super complaint.’ The complaint dubbed the cover ‘The country’s biggest protection racket’ and highlighted widespread failings. It claimed many people had been sold policies they didn’t want or need and, in some cases, could not afford. The CAB also criticised the methods used to sell the policies pointing to high pressure sales techniques and unfair practices.

As a result of the CAB complaint, The Financial Services Authority and The Office of Fair Trading investigated the selling of PPI, and numerous lenders were handed large fines. This opened the door for unhappy customers, who believed they had been mis-sold the insurance, to make a complaint.

Belmont Thornton have already helped thousands of people claim back the cost of their mis-sold loan protection insurance. Below are some of the most common reasons why customers chose to pursue a claim for mis-selling.

How can Belmont Thornton help?

Belmont Thornton is a financial claims company who specialising in helping people who have been mis-sold loan protection insurance. We aim to make the process as quick and simple as possible for our customers and are always on hand to answer any questions you may have. We work on a No Win, No Fee* basis and could recover your money in just 8 weeks.

Still unsure whether your insurance policy was mis-sold or just need more information? Contact Belmont Thornton’s customer care team on 0208 212 7377.

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