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 lots of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the consumer. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to pay off a loan, and when sold correctly present you with a borrower with section of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, nevertheless 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 take a look at credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and also you do not recall being given alternative to take out the PPI policy you could be entitled to PPI compensation.
If you believe this is situation then it very best to collate more of your statements as possible utilizing your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if the undertaking the procedure yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first step. In the letter, state just why you believe you meet the requirements for PPI compensation. Such as fact which were not informed how the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI law.
Many that make a compensation claim directly get to the process, Plevin slow, time consuming and irritating. If you do not mind paying a small fee to have a PPI refund you comes alternative variety.
To shorten your PPI refund and take the anxiety out for this process you look to use an efficient claims management company that will not only aid the process but likewise keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems in place that minimise the time and effort you should apply to claim your PPI compensation. Won’t experts the actual world ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated like a percentage in the PPI refund awarded. One course of action is to look for a no win, free provider. Will certainly ensure that they’re going to only earn once own received the PPI compensation you have entitlement to.