Payment Protection Insurance Quote
Amidst the controversy of the PPI scandal that has been prevalent in the UK over the past decade we haven't been hearing much about getting a payment protection insurance quote. The reason for that is probably because this cover is so very expensive
and the lender would not want to tell you that they are going to be charging
perhaps half as much again as you are borrowing. Most payment insurance costs
anywhere from 13% to 56% of the total amount you are borrowing and can generate more income for the lender than the interest from the loan to which it is attached. It is perhaps not surprising, therefore, that many lenders failed to tell customers they may be able to get a cheaper payment protection insurance quote elsewhere.
Where to Get a Payment Protection Insurance Quote
Another unfortunate aspect of the lender trying to sell you payment protection insurance is the fact that your lender will usually only sell one insurance product and this will be the product that is 'recommended' to you. Sometimes lenders even go so far as to tell you that you are not allowed to purchase cover with any other insurance provider. This is completely untrue! You have the right to get a payment protection insurance quote from any company you would like to get a quote from as long as they are licensed to do business in the UK. Since the payment protection
insurance your lender is trying to sell you may also be very expensive it would be in your best interest to get several quotes prior to choosing a company to use. In fact, because of the expense many consumers would prefer not to insure their loans. In any case, you can get a payment protection insurance quote online, on the phone or from a local insurance agent if you so desire.
Discovering You Are ineligible to File Payment Protection Claims
One of the ways in which so many consumers find that they have been mis-sold payment protection insurance is when they go to file a claim against the policy. A good example of this is a person who was 66 years old when the cover was included with their loan and the lender sold them its PPI policy knowing they would never be a claim against it. This occurred frequently as many PPI policies do not cover people over the age of 65. When the consumer, for whatever reason, goes to file
a payment protection claim he or she is told there is no cover. Upon closer inspection and often after legal advice the consumer finds he or she should never have been sold that policy in the first place because there would never be any cover. As a matter of fact, many consumers try to file payment protection claims,
after finding there is no cover and at that point realize they have been mis-sold PPI.
If you have been told by your lender that you are not allowed to get a payment
protection insurance quote from any company other than the ones they work with
your policy may have been mis-sold.Belmont Thornton can help you file a
claim against your lender as this is a clear case of mis-sold payment protection insurance. For further information speak with
the claims team on 0207 471 2000
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