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Payment Protection Laws

Many people who have been mis-sold payment protection insurance are keen to find out where they stand legally and if they are able to make a claim for compensation. Although there are no actual payment protection laws in place there are guidelines which govern how w a policy should be sold and when these guidelines are broken the customer has a right to make a complaint.

What is Payment Protection?

Payment Protection is a type of insurance cover sold with loans, mortgages and credit cards. The cover is designed to protect the borrower against financial hardship by stepping in to cover debt repayments in the event of involuntary unemployment. Issues occur where the cover is not sold correctly. This may occur in a number of ways including if the customer is not given full information regarding the loan, the customer is pressured ito taking out the cover or the customer is sold an unsuitable policy.

Guidelines that govern Payment Protection Sales

Although there are no payment protection laws, lenders must follow guidelines when selling the policies. These guidelines are produced by the Financial Services Authority and aim to protect the customer from the threat of being sold an unsuitable policy. If a business fails to follow guidelines it may be reprimanded by the FSA and fined. 

What to do if you have been mis-sold a policy

If you have been mis-sold a payment protection policy you have the right to make a complaint. Initially your complaint should be directed to the lender who sold you the policy, but if it is rejected you have the right to request your case be reviewed by the Financial Ombudsman Service.

To find out more about reclaiming PPI  and whether you are entitled to claim back unfair bank charges call the PPI claims company on 0207 471 2000. Our claims team are on hand to answer any questions you may have and we work on a no win no fee* basis.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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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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