Mis Sold PPI Calculator
Payment Protection Insurance was devised to assist borrowers in the unfortunate circumstances of becoming unemployed or ill while servicing a loan. This in itself is very good, however it seems that in many instances Payment Protection Insurance has been attached to loans; unknown to the borrower or sold to a borrower who does not fit the criteria for the insurance. Should this be the case there may be an opportunity to claim back on the Payment Protection Insurance paid throughout the duration of the loan.
Common Problems Associated with Payment Protection Insurance
The financial or lending institution should make it very clear to the borrower as
to what Payment Protection Insurance is all about such as the benefits, any
exclusions, the repercussions of not having this insurance and the cost of the
insurance separate and apart from the cost of the loan. This will enable the
borrower to make a decision that is best suited based on personal circumstances
and the factors explained by the representative of the institution. Whilst this
is what should have happened, in many cases it would appear that a thorough
explanation was not given.
Loans have been granted to students and unemployed persons whilst being sold the PPI coverage. This naturally makes no sense since Payment Protection Insurance is coverage for employed persons and this is just one of the examples of mis sold Payment Protection Insurance. Another common mistake is not telling the borrower that the loan instalment to be repaid upon agreed terms is inclusive of Payment Protection Insurance. In some cases the Insurance part of the instalment is substantial enough that if known by the borrower; PPI coverage might not have been accepted. These are all reasons for a PPI claim to be made to the institution.
The calculation of Payment Protection Claims
Individuals who may be entitled to a claim can use the mis sold PPI calculator/estimator on the website of Belmont Thornton. This calculator is very simple to use and gives an estimation of the Payment Protection Insurance claim. The mis sold PPI calculator requires individuals to insert the monthly instalment and the duration of the loan and with this information the mis sold PPI calculator is able to provide an estimate of the claim. It is important to note that this is an approximate amount and will vary based on individual circumstances; however the mis sold PPI calculator gives an individual a ball park amount of the claim being pursued. Payment Protection Insurance can be applied to a variety of loans such as mortgages, car loans, hire purchase and credit cards. Loans may be secured or unsecured and in some instances Payment protection Insurance can exceed fifty percent of the instalment being paid to the institution. Individuals having more than one loan can input each loan separately into the mis sold PPI calculator, since a PPI claim can be made against each loan.
Belmont Thornton is ready and willing to offer any assistance in the area of Payment Protection Insurance and Claims. Take advantage of the free online mis sold PPI calculator and in as little as eight weeks these estimated amounts can become a reality.
Claims handlers are available to give more information and can be contacted at 0207 471 2000. Call today and do not delay what may very well qualify as a Payment Protection Insurance claim.
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