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 lots of 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 as well as 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to pay off a loan, and if 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, 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 to provide the terms and types of conditions of the PPI policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given an option to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is the truth then it ideal for to collate as of your statements as possible as well as 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 are generally undertaking the procedure 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. Like the fact you were not informed how the ppi claim policy was optional or a person can were not given with the terms and conditions of the PPI law.
Many people who make a claim directly select the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you comes alternative capability.
To facilitate your PPI refund and take the stress out belonging to the process can look the following an efficient claims management company that wont only help you with the process but likewise keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems set that minimise the time and effort you require to apply to claim 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 it 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. Could possibly ensure that they’re going to only get paid once include received the PPI compensation you have entitlement to.