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 several complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted your money back. Since then the Financial Ombudsman and also 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 wish.
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 likely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to repay 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 problem is not the PPI policy itself, but the mis-selling of the insurance 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 to provide the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find the payment is charged every month for PPI insurance and also you do not recall being given option to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it is best to collate a lot of your statements as possible and 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 might be undertaking incorporate different marketing methods yourself writing a letter addressed into the lender you took the actual credit agreement with is the first activity. In the letter, state the reason why you believe you are considered for PPI compensation. For instance the fact a person can were not informed how the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI package.
Many people who make an insurance claim directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you has an alternative choice.
To shorten your ppi check refund and take the stress out in the process might look the following an efficient claims management company that wont only aid the process but may keep you up to speed every stage. Claims management companies know the procedure inside out and have systems set that minimise the wedding ceremony you end up being apply to claim your PPI compensation. Won’t experts in the ruling by the Courts and will make 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 we intend to often be calculated like a percentage of the PPI refund awarded. The best way forward is to consider a no win, no fee provider. Could possibly ensure that they’re going to only are paid once get received the PPI compensation you have entitlement to.