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 other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted your 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 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 possible. Remember that the role of ppi is to protect the lender from their client’s inability in order to a loan, and in case sold correctly offering a borrower with section of mind that should their circumstances change they could make use of the policy. The issue 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 deliver the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you do not recall being given alternative to take out the PPI policy you could be entitled to PPI compensation.
If you believe this is situation then it ideal for to collate as of your statements as possible together with your credit agreement to support your PPI refund claim.
A Long Fight for Mis-Sold ppi claim‘s
It isn’t unusual for banks to reject PPI claims. However, if you might be undertaking incorporate different marketing methods yourself writing a letter addressed to your lender you took out the credit agreement with is your first stairway. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. For example the fact in order to were not informed that the PPI policy was optional or you were not given with the terms and scenarios of the PPI plan.
Many that make an incident directly find out the process, slow, time consuming and time-consuming. If you do not mind paying a high quality fee to secure a PPI refund you comes up with an alternative alternate.
To shorten your PPI refund and take the stress out for this process an individual look cord less mouse with an efficient claims management company it doesn’t only help you understand the process but furthermore keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the time and energy you to be able to apply declare your PPI compensation. They will also be experts in the ruling generated by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of the PPI refund awarded. The best advice is think about a no win, free provider. Helps ensure that they need to only are paid once include received the PPI compensation you are entitled to.