Missed Sold Loan Protection
Sometimes it is difficult enough trying to get a loan simply because your credit is so bad and then when you finally qualify the interest is so high that the payments bring your budget month after month.
This problem is added to if you were missed sold loan protection. Unfortunately, many of us don't even realize that we have been missed sold loan protection until months and sometimes even years down the road. Loan protection insurance is supposed to provide cover for the
borrower in the event that he or she is unable to work but there are very few people who can actually benefit from it.
Why Few People Can Benefit from PPI
In theory loan protection insurance is supposed to be a really good thing in that payments would be made on a loan in the event that the borrower couldn't make them. The sad part is it
doesn't always work the way it's supposed to many people may actually be ineligible to make a claim against this cover.
One of the main problems with missed sold loan protection is because of all the exclusions. For example, anyone out of work because of an injured back would not be able to claim cover because that is one of the exclusions. Also, anyone who is covered by sick pay couldn't claim cover because sick pay is considered wages. Then there are temporary employees and self-employed workers who can never claim cover because theoretically their jobs are too unstable. In the end the people who can benefit by loan protection insurance the most are the very people PPI never helps.
What to Do about Missed Sold Loan Protection
About the only thing you can do about missed sold loan protection is to file a
claim against it, or at least against the lender who sold it to you. Whilst
filing a claim basically begins with notifying the lender that you feel you have
been missed sold loan protection it can be a lengthy process especially if the
lender denies your claim. At that point you would need to file an appeal with
the Financial Ombudsman Service and then you would need to wait for the FOS to
reach a decision. Alternatively you can hire the services of a PPI claim company. There is no guarantee that of PPI claim company can make the lender acting more quickly however a professional claims
handler can stay in touch with the lender throughout the day while you are going about your business.
If you would like to get started today on filing a claim against missed sold loan rejection call 0207 471 2000 to speak with a claims
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