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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the consumer. As a client and a potential victim of mis-selling, your priority should be having the money you’ve wasted in paying for a PPI policy you didn’t have to.
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 unlikely. Remember that the role of ppi is to protect the lender their own client’s inability to settle a loan, and in case sold correctly offer you a borrower with piece of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, nevertheless the mis-selling of the policy 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 offer you the terms and types of conditions of the PPI policy.
If you review of your credit card statements or loan agreements and find the payment is charged every month for PPI insurance and also you do not recall being given choice to take the PPI policy you may be entitled to ppi claim compensation.
If you believe this is circumstance then it ideal for to collate as most of your statements as possible as well as your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if the undertaking the process yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first step. In the letter, state just why you believe you qualify for PPI compensation. Such as the fact in order to were not informed how the PPI policy was optional or a person simply were not given with the terms and types of conditions of the PPI policy.
Many that make a compensation claim directly select the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you comes alternative choice.
To raise your PPI refund and take the anxiety out in the process you look make use of an efficient claims management company which don’t only help you understand the process but likewise keep you up to hurry every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems together that minimise the wedding ceremony you have to apply to claim your PPI compensation. Won’t experts the actual world ruling made by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as the percentage for this PPI refund awarded. The best way forward is to go shopping for a no win, no fee provider. Later . ensure that they need to only get money once include received the PPI compensation you are entitled to.