Loan payment cover is a payment protection insurance which can cover your mortgage, loan or credit card. Essentially they offer short term protection for a worker (usually between 12 and 24 months) for a worker who has been off work due to involuntary redundancy, sickness or injury.
The loan protection insurance is intended to cover the monthly repayments on the loan, and some even offer extra monthly assistance. It has long been the practice of some high street lenders to package up the loan with the insurance. It has been this practice which has been roundly criticised by the OFT after considerable pressure from consumer groups. A complaint by Citizens Advice lead to an investigation which found that the elderly, unemployed and those with pre-existing conditions were routinely being sold policies upon which they could not claim.
The FSA also investigated and this resulted in massive fines being meted out to the biggest offenders. There are ethical insurers in the market place who offer this valuable protection, at competitive rates, and in appropriate circumstances.
However, for those who have already purchased a policy for Loan protection, there is a remedy. If you feel that you have been advised to take an insurance, which was not suitable for you, it is possible to make a claim. You can make such a claim yourself but it is often found that it is easier and less hassle to engage a dedicated professional to make the claim for you.
A claims professional will be regulated by the Ministry of Justice and will have experience in getting back everything to which you are entitled, and will not just take a figure which may be offered by the creditor.
It is reckoned that as many as a third of all policies sold within the last five years may have been mis-sold in some way.
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