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 along with financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of customer. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and in case sold correctly provide a borrower with component of mind that should their circumstances change they could make use of the policy. The thing 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 deliver the terms and scenarios of the PPI policy.
If you review of your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance a person do not recall being given option to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is the then it very 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 isn’t unusual for banks to reject PPI claims. However, if you are undertaking the process yourself writing a letter addressed to your lender you took the credit agreement with is your first stairway. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. For example the fact that you were not informed how to claim ppi the PPI policy was optional or a person can were not given with the terms and types of conditions of the PPI policy.
Many people who make a compensation claim directly find the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you offers an alternative choice.
To shorten your PPI refund and take the anxiety out in the process you look make use of an efficient claims management company it doesn’t only assist you with the process but will also keep you up to speed every step of the way. Claims management companies know the process inside out and have systems together that minimise the wedding ceremony you end up being apply declare your PPI compensation. They will also be experts previously ruling by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of your PPI refund awarded. One course of action is locate a no win, free provider. Will certainly ensure that they’re going to only receives a commission once you have received the PPI compensation you have entitlement to.