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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a refund. 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 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 making the policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and Plevin if 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, 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 give the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance a person do not recall being given an option to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the truth then it greatest to collate a lot of your statements as possible utilizing your credit agreement to support 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 carpet yourself writing a letter addressed to the lender you took the credit agreement with is your first bit. In the letter, state the main reason why you believe you meet the criteria for PPI compensation. Such as the fact in order to were not informed that the PPI policy was optional or that you were not given with the terms and conditions of the PPI policy.
Many people who make a claim directly find the process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to have a PPI refund you includes an alternative option.
To improve your PPI refund and take the anxiety out belonging to the process might look cord less mouse with an efficient claims management company that only help you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the procedure inside out and have systems in that minimise the time and effort you to be able to apply declare your PPI compensation. Won’t experts the actual world ruling completed by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage in the PPI refund awarded. One course of action is to look for a no win, free provider. This will ensure that they need to only get money once own received the PPI compensation you are entitled to.