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 along with financial products. Despite big complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the consumer. 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 the circumstances policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to repay a loan, and in case sold correctly offer you a borrower with section of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, nevertheless the mis-selling of the insurance 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 provide the terms and conditions 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 a person do not recall being given alternative to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the truth then it is best to collate a lot of your statements as possible utilizing your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if are generally undertaking the procedure yourself writing a letter addressed towards the lender you took out the credit agreement with is the first activity. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. For example the fact which were not informed that the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI law.
Many that make a compensation claim directly run across process, slow, time consuming and irritating. If you how do i know if i have PPI not mind paying a small fee to have a PPI refund you offers an alternative variety.
To improve your PPI refund and take the anxiety out for this process you look to utilize an efficient claims management company that only help you understand the process but likewise keep you up to hurry every stage. Claims management companies know the process inside out and have systems set that minimise the wedding ceremony you require to apply to claim your PPI compensation. They are also experts in the ruling by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage of the PPI refund awarded. The best advice is locate a no win, no fee provider. Later . ensure that they need to only get paid once own received the PPI compensation you have entitlement to.