The mis-selling of ppi 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 big complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the 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 get rid of a loan, and if sold correctly supply you with a borrower with piece of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, nevertheless 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 provide the terms and types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance a person 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 situation then it greatest to collate as most of your statements as possible employing your credit agreement to support your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking carpet yourself writing a letter addressed towards the lender you took the credit agreement with is the first stairway. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Such as fact you were not informed how the PPI policy was optional or Plevin a person simply were not provided with the terms and conditions of the PPI plan.
Many that make a compensation claim directly get to the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to have a PPI refund you comes up with an alternative capability.
To speed up your PPI refund and take the stress out for this process you could look the following an efficient claims management company that will not only support you with the process but additionally keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems in place that minimise the time and effort you require to apply to claim your PPI compensation. They will also be experts in the ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as the percentage of the 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 are paid once include received the PPI compensation you are entitled to.