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 big complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted your money back. Since then the Financial Ombudsman and also 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and if sold correctly present you with a borrower with component of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, nevertheless 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 to deliver the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance a person do not recall being given choice to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the then it ideal for to collate as 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 into the lender you took the actual credit agreement with is the first activity. In the letter, state the main reason why you believe you are eligible for PPI compensation. Like the fact in order to were not informed how to claim ppi the PPI policy was optional or you were not given with the terms and conditions of the PPI package.
Many individuals who make claims directly find out the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to secure a PPI refund you comes alternative alternate.
To improve your PPI refund and take the stress out for this process you look make use of an efficient claims management company that wont only help you understand the process but furthermore keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems in place that minimise the hard work you have to apply to claim your PPI compensation. Mainly experts in the ruling by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can inside 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 for this PPI refund awarded. Our recommendation is to consider a no win, free provider. Will certainly ensure which they will only receives a commission once include received the PPI compensation you have entitlement to.