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 a huge complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of buyer. 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 making the policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and when sold correctly provide 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 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 that a payment is charged every month for PPI insurance and also you do not recall being given choice to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it ideal for to collate as many 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 are undertaking notion yourself writing a letter addressed into the lender you took the credit agreement with is your first bit. In the letter, state the reasons why you believe you meet the criteria for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or a person simply were not provided with the terms and types of conditions of the PPI plan.
Many that make claims directly run across process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you offers an alternative choice.
To facilitate your PPI refund and take the anxiety out of the process might look make use of an efficient claims management company which don’t only help you with the process but furthermore keep you up to speed every stage. Claims management companies know the process inside out and have systems set that minimise the wedding ceremony you require to apply to claim your PPI compensation. Won’t experts regarding ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated for a percentage in the ppi claim refund awarded. One course of action is to look for a no win, free provider. Will certainly ensure that they’re going to only get money once own received the PPI compensation you have entitlement to.