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 also financial products. Despite big complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted a refund. Since then the Financial Ombudsman as well as 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 would like.
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 impossible. 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 offering a borrower with piece 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 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 to provide the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find that a payment is charged every month for PPI insurance as well as do not recall being given option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it greatest to collate more of your statements as possible as well as your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if are generally undertaking the process yourself writing a letter addressed towards lender you took out the credit agreement with is the first action. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Such as the fact a person can were not informed that the PPI policy was optional or that you simply were not provided with the terms and types of conditions of the PPI plan.
Many individuals who make a claim directly get to the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you includes an alternative variety.
To shorten your PPI refund and take the stress out in the process you look the following an efficient claims management company which don’t only aid the process but will also keep you up to speed every stage. Claims management companies know the procedure inside out and have systems in that minimise the lots of time you end up being apply declare your PPI compensation. They are also experts in the ruling generated by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a great 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. The best ppi cpmpany recommendation is think about a no win, no fee provider. Could possibly ensure which they will only receives a commission once you have received the PPI compensation you have entitlement to.