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 a huge 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 and the UK Courts have ruled in favour of the consumer. 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and when sold correctly offering a borrower with section of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but 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 give the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance and also you do not recall being given alternative to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it is best to collate as many 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 is not unusual for banks to reject PPI claims. However, if you might be undertaking incorporate different marketing methods yourself writing a letter addressed to the lender you took the credit agreement with is your first stairway. In the letter, state the reason why you believe you qualify for PPI compensation. Such as the fact which were not informed how to claim ppi the PPI policy was optional or that you simply were not given with the terms and scenarios of the PPI policy.
Many because they came from make an incident directly find out the process, slow, time consuming and irritating. If you do not mind paying any small fee to secure a PPI refund you has an alternative option.
To improve your PPI refund and take the anxiety out of this process can look the following an efficient claims management company that wont only aid the process but furthermore keep you up to hurry every step of the way. Claims management companies know the procedure inside out and have systems together that minimise the time and energy you end up being apply declare your PPI compensation. They will also be experts in the ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated for a percentage for this PPI refund awarded. Our recommendation is think about a no win, no fee provider. Could possibly ensure that they may only earn once you have received the PPI compensation you have entitlement to.