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 other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted your money back. Since then the Financial Ombudsman as well as 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 the circumstances policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to get rid of a loan, and in case sold correctly offering 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, nevertheless 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 conditions of the PPI policy.
If you review of your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given a possibility to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is situation then it greatest to collate as many of your statements as possible and 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 incorporate different marketing methods yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first stairway. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Such as fact in order to were not informed how the PPI policy was optional or you were not given with the terms and types of conditions of the PPI prepare.
Many because they came from make claims directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to secure a PPI refund you comes up with an alternative option.
To improve your PPI refund and take the anxiety out of this process can look cord less mouse with an efficient claims management company that wont only aid the process but additionally keep you up to speed every stage. Claims management companies know the inside out and have systems in that minimise the wedding ceremony you end up being apply declare your PPI compensation. Mainly experts regarding ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated like a percentage with the PPI refund awarded. The best recommendation is to go shopping for a no win, no fee provider. This will ensure that they need to only earn once you might have received the ppi claim compensation you have entitlement to.