The mis-selling of ppi is considered to be one of the biggest scandals that has targeted individuals in the UK- who have taken out loans, credit cards various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted their money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of customer. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to get rid of a loan, and in case 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 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 give the terms and scenarios of the PPI policy.
If you research your credit card statements or loan agreements and Plevin find certain payment is charged every month for PPI insurance as well as do not recall being given an option to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it is best to collate as many of your statements as possible as well as your credit agreement to support 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 lender you took the actual credit agreement with is the first activity. In the letter, state just why you believe you meet the criteria for PPI compensation. Such as the fact that you were not informed that the PPI policy was optional or that you were not given with the terms and scenarios of the PPI law.
Many you also must be make an insurance claim directly get to the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you offers an alternative option.
To facilitate your PPI refund and take the anxiety out belonging to the process you look to use an efficient claims management company which don’t only help you understand the process but may keep you up to hurry every stage. Claims management companies know the inside out and have systems set that minimise the lots of time you should apply to claim your PPI compensation. Mainly experts previously ruling generated by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as the percentage of your PPI refund awarded. The best advice is think about a no win, no fee provider. Helps ensure which they will only receives a commission once own received the PPI compensation you have entitlement to.