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 thousands of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of buyer. 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 proper policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is how to check ppi protect the lender from their client’s inability to settle a loan, and when sold correctly offer you a borrower with component of mind that should their circumstances change they could make use of the policy. The issue 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 conditions of the PPI policy.
If you research your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and you do not recall being given alternative to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it ideal for to collate as most of your statements as possible together with your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if you are undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first action. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or that you were not provided with the terms and conditions of the PPI law.
Many people who make claims directly select the process, slow, time consuming and time-consuming. If you do not mind paying a high quality fee to have a PPI refund you comes up with an alternative variety.
To raise your PPI refund and take the anxiety out of this process an individual look to utilize an efficient claims management company that will not only help you with the process but furthermore keep you up to hurry every stage. Claims management companies know notion inside out and have systems together that minimise the hard work you should apply to claim your PPI compensation. Barrier experts in the ruling completed by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage of the PPI refund awarded. The best recommendation is to go shopping for a no win, no fee provider. This will ensure that they will only receives a commission once include received the PPI compensation you are entitled to.