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 and other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the particular. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender using their client’s inability to pay off a loan, and when sold correctly offering a borrower with component 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 plan how to claim ppi 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 give the terms and conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given a possibility to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it very best to collate as of your statements as possible utilizing 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 you might be undertaking the process yourself writing a letter addressed to the lender you took out the credit agreement with is the first stairway. In the letter, state just why you believe you meet the requirements for PPI compensation. For example the fact that you were not informed that the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI package.
Many people who make a compensation claim directly find out the process, slow, time consuming and stressful. 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 for this process an individual look to use an efficient claims management company that wont only help you with the process but will also keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the time and effort you to be able to apply declare your PPI compensation. Mainly experts in the ruling completed 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 keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated to be a percentage of your PPI refund awarded. One course of action is locate a no win, free provider. Could possibly ensure which they will only earn once you have received the PPI compensation you are entitled to.