The mis-selling of ppi 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 thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted their money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the actual. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability in order to a loan, and when sold correctly supply you with a borrower with section of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, but 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 types of conditions of the ppi claim 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 also you do not recall being given option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate more of your statements as possible as well as your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if the undertaking the process yourself writing a letter addressed to the lender you took out the credit agreement with is your first stairway. In the letter, state the reasons why you believe you are eligible for PPI compensation. Such as the fact a person can were not informed how the PPI policy was optional or that you were not given with the terms and conditions of the PPI policy.
Many because they came from make claims directly find out the process, slow, time consuming and irritating. If you do not mind paying a little fee to have a PPI refund you comes alternative capability.
To facilitate your PPI refund and take the stress out of the process an individual look to use an efficient claims management company that only help you understand the process but may keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the lots of time you end up being apply declare your PPI compensation. Barrier experts regarding ruling by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated to be a percentage of your PPI refund awarded. The best recommendation is to look for a no win, free provider. This will ensure that they need to only get money once you have received the PPI compensation you have entitlement to.