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 together with other financial products. Despite several 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 along with 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 need.
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 impossible. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and if sold correctly supply you with a borrower with piece of mind that should their circumstances change they could make use of the policy. The issue 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 conditions of the PPI policy.
If you research your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance as well as do not recall being given alternative to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the then it is the to collate as of your statements as possible employing your credit agreement to support 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 carpet yourself writing a letter addressed towards the lender you took out the credit agreement with is the first stairway. In the letter, state the grounds why you believe you qualify for PPI compensation. For instance the fact in order to were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI law.
Many individuals who make claims directly find the process, slow, time consuming and time-consuming. If you do not mind paying a little fee to have a PPI refund you has an alternative option.
To improve your PPI refund and take the stress out for this process might look make use of an efficient claims management company which don’t only help you with the process but likewise keep you up to speed every step of the way. Claims management companies know the inside out and have systems set that minimise the time and energy you end up being apply to claim your PPI compensation. Won’t experts previously ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and we intend how to claim ppi often be calculated like a percentage of your PPI refund awarded. One course of action is to go shopping for a no win, no fee provider. Will certainly ensure that they may only receives a commission once you might have received the PPI compensation you are entitled to.