The mis-selling of payment protection insurance is considered to be one of the biggest scandals that has targeted individuals in the UK- who have taken out loans, credit cards along with financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the particular. As a client and a potential victim of mis-selling, your priority should be getting the money you’ve wasted in paying for a PPI policy you didn’t wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and when sold correctly supply you with a borrower with piece of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, but the mis-selling of the insurance plan to the wrong type and often unsuitable clients. Often banks made it look as though a PPI policy was a prerequisite for a successful loan application and would fail to provide the terms and scenarios of the ppi claim policy.
If you research your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you do not recall being given choice to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it greatest to collate as most of your statements as possible together with your credit agreement to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if you are undertaking carpet yourself writing a letter addressed towards the lender you took out the credit agreement with is the first step. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as the fact which were not informed how the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI policy.
Many people who make an incident directly find out the process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you comes alternative capability.
To shorten your PPI refund and take the stress out of the process you look cord less mouse with an efficient claims management company which don’t only aid the process but furthermore keep you up to hurry every stage. Claims management companies know the inside out and have systems in place that minimise the wedding ceremony you to be able to apply to claim your PPI compensation. Mainly experts in the ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated to be a percentage in the PPI refund awarded. The best advice is to go shopping for a no win, no fee provider. This will ensure which they will only earn once get received the PPI compensation you are entitled to.