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Sold Loan Insurance

Loans are a risky business in the eyes of lenders and for this reason they often implement things like payment protection insurance. This would be great in theory if it were organized in such a way that it did not often wind up costing people an arm and a leg. In addition, a lot of sold loan insurance is sold to people who cannot use it at all. This is because these people do not fit the right criteria. There are many conditions and regulations placed on who can be covered by PPI and who cannot. The trouble begins when a loan agent gives a policy of sold loan insurance to a person who is actually not even entitled to it. In many cases this is probably done out of a simple mistake but there are also times when the agent is fully aware of what is going on and sells the policy anyway.  What happens is that oftentimes people submit payment protection insurance claims only to find out that the underwriter covered them erroneously.

How Can You Receive Coverage By Mistake?

Unfortunately, some lenders failed to adequately train some staff so that they didn't have the product knowledge to effectively sell the cover. It was also noted that many lenders failed to develop eternal processes to protect customers from mis-sale. This meant where policies were sold in error mistakes were not always spotted. Of course, not all policies that were mis-sold were as a result of a mistake. Some people were sold loan insurance by staff who were struggling to reach tough sales targets or were offered significant rates of commission to sell the cover. One important thing to remember is that if you were missold a policy you are entitled to file a complaint and could receive payment protection refunds.

To find out more, call 0207 471 2000 to speak to a member of our team.

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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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