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 and other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted a reimbursement. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of the actual. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and if sold correctly offer you 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, however 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 give the terms and types of 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 and also you do not recall being given choice to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it very best to collate a lot of your statements as possible together with your credit agreement to allow for 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 procedure yourself writing a letter addressed to your lender you took the credit agreement with is the first bit. In the letter, state just why you believe you qualify for PPI compensation. Such as fact which were not informed how the ppi claim policy was optional or you were not given with the terms and conditions of the PPI prepare.
Many because they came from make a claim directly get to the process, slow, time consuming and time-consuming. If you do not mind paying any small fee to have a PPI refund you has an alternative alternate.
To shorten your PPI refund and take the stress out in the process can look to utilize an efficient claims management company it doesn’t only aid the process but additionally keep you up to hurry every step of the way. Claims management companies know the inside out and have systems in that minimise the wedding ceremony you should apply declare your PPI compensation. Won’t experts in the ruling completed by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage in the PPI refund awarded. The best advice is to look for a no win, no fee provider. Helps ensure that they’re going to only get money once you have received the PPI compensation you have entitlement to.