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 a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of customer. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and if sold correctly provide a borrower with section of mind that should their circumstances change they could make use of the policy. The thing is not the ppi claim policy itself, but 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 types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which the payment is charged every month for PPI insurance an individual also do not recall being given option to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the case then it is best to collate as of your statements as possible as well as 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 the undertaking the process yourself writing a letter addressed towards lender you took the actual credit agreement with is your first activity. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. Like the fact in order to were not informed that the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI law.
Many people who make a compensation claim directly find out the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you comes alternative variety.
To raise your PPI refund and take the anxiety out belonging to the process you look the following an efficient claims management company it doesn’t only help you understand the process but will also keep you up to hurry every stage. Claims management companies know notion inside out and have systems set that minimise the lots of time you end up being apply to claim your PPI compensation. Won’t experts previously ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as a percentage of the PPI refund awarded. Our recommendation is locate a no win, no fee provider. Later . ensure that they need to only earn once own received the PPI compensation you are entitled to.