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 and other financial products. Despite big complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman along with 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability in order to a loan, and if sold correctly offer you a borrower with joint of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, however the mis-selling of the protection 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 scenarios of the PPI policy.
If you research 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 out the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it ideal for to collate as of your statements as possible employing your credit agreement to support 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 the procedure yourself writing a letter addressed to your lender you took the credit agreement with is your first bit. In the letter, state the reasons why you believe you are considered for ppi claim compensation. For example the fact a person can were not informed how the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI prepare.
Many that make an insurance claim directly run across process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you offers an alternative variety.
To improve your PPI refund and take the anxiety out for this process you could look cord less mouse with an efficient claims management company that will not only aid the process but furthermore keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems set that minimise the lots of time you to be able to apply declare your PPI compensation. They will also be experts previously ruling made by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not 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 of the PPI refund awarded. The best recommendation is to look for a no win, no fee provider. This will ensure that they need to only get paid once you have received the PPI compensation you have entitlement to.