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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only as well as other 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 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 making the policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to get rid of a loan, and if sold correctly present you with a borrower with piece of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, however the mis-selling of the protection 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 scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and 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 case then it is the to collate as many of your statements as possible utilizing your credit agreement to support 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 procedure yourself writing a letter addressed towards lender you took out the credit agreement with is your first step. In the letter, state the reason why you believe you qualify for PPI compensation. For example the fact you were not informed how the PPI policy was optional or a person can were not given with the terms and types of conditions of the best ppi cpmpany prepare.
Many individuals who make a compensation claim directly select the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you comes alternative option.
To raise your PPI refund and take the stress out belonging to the process an individual look the following an efficient claims management company that will not only help you understand the process but additionally keep you up to speed every stage. Claims management companies know the process inside out and have systems together that minimise the time and effort you have to apply declare your PPI compensation. They are also experts the actual world ruling generated by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage for this PPI refund awarded. One course of action is to go shopping for a no win, no fee provider. Later . ensure that they may only receives a commission once own received the PPI compensation you have entitlement to.