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 and also financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of buyer. 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 because it’s policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender their own client’s inability to repay a loan, and if sold correctly present you with a borrower with little bit of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, however the mis-selling of the 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 give the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the PPI policy you might be entitled to PPI compensation.
If you believe this is the truth then it is best to collate as most of your statements as possible employing your credit agreement to allow for 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 procedure yourself writing a letter addressed to the lender you took the credit agreement with is the first activity. In the letter, state just why you believe you qualify for PPI compensation. Such as fact you were not informed how to check ppi the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI prepare.
Many that make claims directly find the process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you includes an alternative option.
To shorten your PPI refund and take the anxiety out for this process you look the following an efficient claims management company which don’t only help you with the process but furthermore keep you up to hurry every stage. Claims management companies know the inside out and have systems set that minimise the time and effort you should apply declare your PPI compensation. They will also be experts in the ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as the percentage in the PPI refund awarded. The best recommendation is to consider a no win, free provider. This will ensure that they need to only get money once include received the PPI compensation you have entitlement to.