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 and also financial products. Despite big 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 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 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 unlikely. Remember that the role of ppi is to protect the lender their own client’s inability to get rid of a loan, and if sold correctly provide a borrower with joint 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 scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the PPI policy you might be entitled to PPI compensation.
If you believe this is the then it greatest to collate as most of your statements as possible together with your credit agreement in order to 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 into the lender you took out the credit agreement with is your first action. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Like the fact a person can were not informed how do i know if i have PPI the PPI policy was optional or that you were not given with the terms and scenarios of the PPI plan.
Many people who make claims directly select the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to secure a PPI refund you comes up with an alternative option.
To improve your PPI refund and take the anxiety out for this process you could look make use of an efficient claims management company which don’t only support you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the inside out and have systems in that minimise the time and energy you end up being apply to claim your PPI compensation. Mainly experts regarding ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as a percentage with the PPI refund awarded. The best advice is think about a no win, no fee provider. Later . ensure that they will only get money once own received the PPI compensation you are entitled to.