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 thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman along with 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 need.
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 ppi is to protect the lender from their client’s inability to settle a loan, and in case sold correctly present you with a borrower with section of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, but the mis-selling of the 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 deliver the terms and conditions 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 and also you do not recall being given a possibility to take out the PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it is best ppi claims company to collate more of your statements as possible as well as your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if you are undertaking incorporate different marketing methods yourself writing a letter addressed into the 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 criteria for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI package.
Many people who make an incident directly get to the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you offers an alternative choice.
To raise your PPI refund and take the stress out in the process you look make use of an efficient claims management company that only help you with the process but will also keep you up to speed every step of the way. Claims management companies know notion inside out and have systems in that minimise the time and energy you require to apply to claim your PPI compensation. Mainly experts previously ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of your PPI refund awarded. One course of action is locate a no win, no fee provider. Could possibly ensure that they need to only are paid once include received the PPI compensation you have entitlement to.