Belmont Finance PPI: Understanding Your Rights

Payment Protection Insurance (PPI) was often sold alongside loans and credit agreements, including those provided by Belmont Finance. This insurance was intended to cover your repayments if you became ill, unemployed, or had an accident. However, many PPI policies were mis-sold, meaning you may have been pressured into buying a policy you didn’t need or that wasn’t suitable for your circumstances.

What Constitutes Mis-selling?

Several factors could indicate you were mis-sold Belmont Finance PPI. Common examples include:

• Being told PPI was compulsory to obtain the loan.
• Not being informed of alternative, cheaper insurance options.
• Having a pre-existing medical condition that would have invalidated the policy.
• Being self-employed or retired when sold unemployment cover.
• Not being made aware of the commission Belmont Finance received for selling the PPI.
• The policy not being properly explained, leaving you unaware of the terms and conditions.

The PPI Deadline and Current Status

The official deadline for making PPI claims was August 29, 2019. This deadline was set by the Financial Conduct Authority (FCA) to bring the PPI saga to a close. Unfortunately, this means you can no longer make a new claim for PPI against Belmont Finance (or any other lender) unless you have a very specific reason, such as the financial company failing to disclose commissions when you originally asked about PPI on your account (known as a Plevin claim).

Plevin Claims: A Potential Avenue

Even though the general PPI deadline has passed, you might still be able to make a claim under the “Plevin” ruling. This ruling focuses on unfair relationships between lenders and consumers due to undisclosed high levels of commission earned by the lender on the sale of PPI. If the commission Belmont Finance received was significantly high and not disclosed to you, you may have grounds for a Plevin claim. Legal advice is recommended to determine if you meet the criteria for a Plevin claim.

What to Do If You Suspect Mis-selling (Post-Deadline)

While directly claiming back PPI is no longer possible (except in very specific circumstances) you may still want to:

• Check your old loan documents: Look for any mention of PPI or payment protection.
• Contact Belmont Finance (or their successor): Inquire about the PPI policy linked to your loan.
• Seek legal advice: A solicitor specializing in financial mis-selling can assess your situation and advise you on whether a Plevin claim is viable. They can also explain the complexities of the Plevin ruling and its application to your specific case.

Disclaimer: This information is for general guidance only and does not constitute legal advice. Always seek professional advice from a qualified legal or financial advisor.