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 several complaints being received by companies that the individuals took out their products with, initially only primarily them were granted their money back. Since then the Financial Ombudsman along with 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 proper policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender from their client’s inability in order to a loan, and if sold correctly provide a borrower with component of mind that should their circumstances change they could make use of the policy. The thing 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 to deliver the terms and scenarios 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 and you do not recall being given a possibility 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 and your credit agreement to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if you are undertaking the process yourself writing a letter addressed towards lender you took the credit agreement with is the first activity. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as fact which were not informed how the PPI policy was optional or that you simply were not given with the terms and conditions of the PPI package.
Many that make a claim directly find out the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you comes alternative choice.
To raise your PPI refund and take the anxiety out in the process you could look the following an efficient claims management company that only assist you with the process but likewise keep you up to hurry every step of the way. Claims management companies know notion inside out and have systems together that minimise the lots of time you require to apply declare your PPI compensation. They will also be experts previously ruling generated by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as the percentage with the PPI refund awarded. The best ppi cpmpany recommendation is to consider a no win, no fee provider. Later . ensure that they need to only get money once get received the PPI compensation you are entitled to.