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 a number of them were granted their money back. Since then the Financial Ombudsman and 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 wish.
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 unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to get rid of a loan, and in case sold correctly present you with a borrower with piece 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 protection 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 deliver the terms and scenarios of the PPI policy.
If you review your 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 could be entitled to PPI compensation.
If you believe this is the case then it is best ppi cpmpany to collate as most of your statements as possible as well as your credit agreement to allow for 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 the process yourself writing a letter addressed to your lender you took the actual credit agreement with is your first stairway. In the letter, state the reasons why you believe you qualify for PPI compensation. Such as the fact which were not informed how the PPI policy was optional or a person simply were not provided with the terms and scenarios of the PPI prepare.
Many people who make a compensation claim directly get to the process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you has an alternative alternate.
To facilitate your PPI refund and take the stress out belonging to the process you could look cord less mouse with an efficient claims management company it doesn’t only assist you with the process but additionally keep you up to speed every stage. Claims management companies know the procedure inside out and have systems set that minimise the lots of time you end up being apply declare your PPI compensation. They are also experts previously ruling from the Courts and will make sure 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 it will often be calculated like a percentage of your PPI refund awarded. One course of action is to consider a no win, no fee provider. Could possibly ensure that they’re going to only get money once own received the PPI compensation you have entitlement to.