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 a number of 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 the circumstances 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 when sold correctly offer you a borrower with little bit of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, however the mis-selling of the policy 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 scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given an option to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is situation then it is best to collate more of your statements as possible employing your credit agreement to oblige your ppi claim 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 notion yourself writing a letter addressed towards lender you took the credit agreement with is your first activity. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as the fact which were not informed that the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI prepare.
Many you also must be make a compensation claim directly get to the process, slow, time consuming and frustrating. If you do not mind paying a little fee to have a PPI refund you includes an alternative option.
To improve your PPI refund and take the stress out in the process you look to utilize an efficient claims management company that only aid the process but likewise keep you up to speed every stage. Claims management companies know the inside out and have systems in that minimise the wedding ceremony you to be able to apply declare your PPI compensation. Barrier experts previously ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated to be a percentage of your PPI refund awarded. One course of action is think about a no win, no fee provider. Could possibly ensure that they will only receives a commission once you have received the PPI compensation you have entitlement to.