The mis-selling of ppi 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 thousands of 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 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to get rid of a loan, and when 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, nevertheless the mis-selling of the plan to the wrong type and often unsuitable clients. Often banks made it look as though a ppi check policy was a prerequisite for a successful loan application and would fail offer you the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given a possibility to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as most of your statements as possible employing 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 to the lender you took out the credit agreement with is your first action. In the letter, state the reasons why you believe you are considered for PPI compensation. For example the fact you were not informed that the PPI policy was optional or you were not given with the terms and scenarios of the PPI policy.
Many you also must be make an insurance 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 includes an alternative choice.
To speed up your PPI refund and take the stress out of this process you look cord less mouse with an efficient claims management company it doesn’t only help you with the process but may keep you up to speed every stage. Claims management companies know the process inside out and have systems in that minimise the time and energy you should apply to claim your PPI compensation. Barrier experts regarding ruling completed by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated for a percentage with the PPI refund awarded. The best advice is to go shopping for a no win, no fee provider. This will ensure that they will only get paid once own received the PPI compensation you are entitled to.