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 and also financial products. Despite thousands of 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 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 getting the money you’ve wasted in paying for a PPI policy you didn’t call for.
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 unlikely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability in order to a loan, and in case sold correctly offer you a borrower with component of mind that should their circumstances change they could call upon the policy. The problem is not the ppi claim 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 policy was a prerequisite for a successful loan application and would fail give the terms and scenarios of the PPI policy.
If you research your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given a possibility to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the truth then it is the to collate as many of your statements as possible employing 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 you are undertaking carpet yourself writing a letter addressed to the lender you took the credit agreement with is the first stairway. In the letter, state just why you believe you meet the criteria for PPI compensation. Like the fact which were not informed how the PPI policy was optional or you were not provided with the terms and scenarios of the PPI prepare.
Many that make claims directly find the process, slow, time consuming and time-consuming. If you do not mind paying a little fee to have a PPI refund you offers an alternative option.
To shorten your PPI refund and take the stress out in the process you could look to use an efficient claims management company that only support you with the process but likewise keep you up to speed every stage. Claims management companies know the procedure inside out and have systems together that minimise the hard work you to be able to apply to claim your PPI compensation. Mainly experts in the 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 a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of your PPI refund awarded. The best advice is to consider a no win, no fee provider. Will certainly ensure that they may only receives a commission once get received the PPI compensation you are entitled to.