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 a few of them were granted your money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the particular. 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 have to.
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 extremely unlikely. 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 provide a borrower with component of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, nevertheless 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 take a look at credit card statements or loan agreements and find certain payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the then it is the to collate a lot of your statements as possible together with 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 you might be undertaking carpet yourself writing a letter addressed to your lender you took the credit agreement with is the first activity. In the letter, state just why you believe you meet the criteria for PPI compensation. For example the fact in order to were not informed that the ppi claim policy was optional or a person can were not given with the terms and scenarios of the PPI law.
Many you also must be make a claim directly select the process, slow, time consuming and irritating. If you do not mind paying a high quality fee to secure a PPI refund you comes up with an alternative alternate.
To facilitate your PPI refund and take the stress out of the process you look to utilize an efficient claims management company it doesn’t only help you with the process but additionally keep you up to hurry every stage. Claims management companies know the process inside out and have systems into position that minimise the time and energy you require to apply to claim your PPI compensation. Mainly experts regarding ruling from 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 it will often be calculated to be a percentage in the PPI refund awarded. The best advice is to consider a no win, free provider. Helps ensure that they will only get money once own received the PPI compensation you have entitlement to.