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 various other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a refund. 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability in order to a loan, and in case sold correctly offering a borrower with section of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but 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 scenarios of the PPI policy.
If you review of your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you do not recall being given choice to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the then it greatest to collate as of your statements as possible together with 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 the procedure yourself writing a letter addressed into the lender you took the credit agreement with is your first step. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as the fact a person can were not informed how the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI policy.
Many you also must be make an incident directly select the process, slow, time consuming and frustrating. If you do not mind paying a little fee to have a PPI refund you offers an alternative option.
To speed up your PPI refund and take the anxiety out of this process might look the following an efficient claims management company that will not only support you with the process but likewise keep you up to hurry every stage. Claims management companies know the process inside out and have systems together that minimise the hard work you have to apply declare your ppi claim compensation. Won’t experts in the ruling from the Courts and be 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 and will often be calculated to be a percentage with the PPI refund awarded. Our recommendation is to go shopping for a no win, no fee provider. Will certainly ensure that they need to only are paid once you have received the PPI compensation you are entitled to.