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 that you’ll them were granted a refund. Since then the Financial Ombudsman and 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 have to.
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 extremely unlikely. Remember that the role of ppi is to protect the lender their particular client’s inability to pay off a loan, and if sold correctly present you with a borrower with section 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 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 research your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given an option to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as 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 carpet yourself writing a letter addressed towards the lender you took the credit agreement with is the first step. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. For instance the fact you were not informed how to claim ppi the PPI policy was optional or you were not provided with the terms and scenarios of the PPI policy.
Many you also must be make a claim directly run across process, slow, time consuming and stressful. If you do not mind paying a high quality fee to have a PPI refund you offers an alternative alternate.
To raise your PPI refund and take the anxiety out for this process an individual look make use of an efficient claims management company which don’t only aid the process but additionally keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems together that minimise the hard work you require to apply declare your PPI compensation. Mainly experts in the ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can within 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 a percentage of the PPI refund awarded. Our recommendation is to go shopping for a no win, free provider. This will ensure which they will only receives a commission once you might have received the PPI compensation you are entitled to.