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 big complaints being received by companies that the individuals took out their products with, initially only a number of them were granted your money back. 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, Plevin your priority should be getting 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 the circumstances policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and in case sold correctly present you with a borrower with little bit of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, nevertheless 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 to provide the terms and scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance a person do not recall being given alternative to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible and your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking the process yourself writing a letter addressed to the lender you took the credit agreement with is your first stairway. In the letter, state just why you believe you qualify for PPI compensation. Like the fact that you were not informed how the PPI policy was optional or that you were not given with the terms and scenarios of the PPI policy.
Many people who make a compensation claim directly select the process, slow, time consuming and time-consuming. If you do not mind paying any small fee to have a PPI refund you includes an alternative option.
To improve your PPI refund and take the stress out for this process an individual look to use an efficient claims management company it doesn’t only assist you with the process but additionally keep you up to speed every step of the way. Claims management companies know the inside out and have systems in that minimise the lots of time you should apply declare your PPI compensation. They are also experts in the ruling generated by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can have 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 the percentage with the PPI refund awarded. The best way forward is to consider a no win, no fee provider. Could possibly ensure that they may only get money once include received the PPI compensation you have entitlement to.