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 thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the particular. As a client and a potential victim of mis-selling, your priority should be getting 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 payment protection insurance is to protect the lender using their client’s inability to repay a loan, and when sold correctly offering a borrower with section of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, but 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 deliver the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given option to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it is best to collate as many of your statements as possible as well as 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 the undertaking incorporate different marketing methods yourself writing a letter addressed towards lender you took out the credit agreement with is your first step. In the letter, state the grounds why you believe you are considered for PPI compensation. For example the fact a person can were not informed that the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI plan.
Many people who make a compensation claim directly find out the process, slow, time consuming and not that simple. If you how do i know if i have PPI not mind paying a little fee to secure a PPI refund you comes alternative variety.
To speed up your PPI refund and take the anxiety out in the process can look the following an efficient claims management company which don’t only assist you with the process but may keep you up to hurry every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems in that minimise the wedding ceremony you have to apply to claim your PPI compensation. Mainly experts in the ruling by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as a percentage of the PPI refund awarded. The best advice is think about a no win, no fee provider. Helps ensure that they may only earn once you have received the PPI compensation you are entitled to.