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 thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the actual. 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender using their client’s inability to pay off a loan, and if sold correctly offering a borrower with component of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, however the mis-selling of the protection to the wrong type and often unsuitable clients. Often banks made it look as though a ppi check policy was a prerequisite for a successful loan application and would fail give the terms and conditions of the PPI policy.
If you review of your credit card statements or loan agreements and find the payment is charged every month for PPI insurance as well as do not recall being given option to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it very best to collate more of your statements as possible and your credit agreement in order to 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 notion yourself writing a letter addressed towards the lender you took out the credit agreement with is your first stairway. In the letter, state the main reason why you believe you are considered for PPI compensation. Like the fact that you were not informed how the PPI policy was optional or that you simply were not provided with the terms and types of conditions of the PPI policy.
Many individuals who make a claim directly get to the process, slow, time consuming and time-consuming. If you do not mind paying a high quality fee to have a PPI refund you comes alternative capability.
To raise your PPI refund and take the stress out of this process can look cord less mouse with an efficient claims management company that wont only help you with the process but may keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems in that minimise the time and effort you to be able to apply declare your PPI compensation. They will also be experts in the ruling from the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can increase 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 to often be calculated as the percentage with the PPI refund awarded. The best recommendation is think about a no win, free provider. Could possibly ensure that they will only earn once own received the PPI compensation you have entitlement to.