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 several complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted a refund. Since then the Financial Ombudsman along with 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender their particular client’s inability to pay off 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 problem is not the PPI policy itself, but 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 give the terms and types of conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance a person do not recall being given a possibility to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is situation then it is best to collate as many of your statements as possible and your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking incorporate different marketing methods yourself writing a letter addressed to the lender you took the actual credit agreement with is the first activity. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Such as fact that you were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI law.
Many you also must be make a claim directly run across process, slow, time consuming and time-consuming. If you do not mind paying any small fee to secure a PPI refund you has an alternative alternate.
To facilitate your PPI refund and take the anxiety out for this process can look make use of an efficient claims management company that only help you with the process but furthermore keep you up to speed every stage. Claims management companies know the procedure inside out and have systems set that minimise the lots of time you have to apply to claim your PPI compensation. Barrier experts previously ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated to be a percentage of the PPI refund awarded. The best recommendation is think about a no win, free provider. Later . ensure that they need to only get money once get received the ppi check compensation you have entitlement to.