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 big 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 along with the UK Courts have ruled in favour of the consumer. 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 since it is policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender using their client’s inability in order to a loan, and if sold correctly offer you a borrower with joint of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, however 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 to provide the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find which your payment is charged every month for PPI insurance as well as do not recall being given an option to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible employing your credit agreement in order to 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 might be undertaking notion yourself writing a letter addressed to the lender you took the actual credit agreement with is the first action. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Like the fact that you were not informed how to check ppi the PPI policy was optional or a person simply were not given with the terms and scenarios of the PPI package.
Many because they came from make an insurance claim directly get to the process, slow, time consuming and irritating. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative option.
To improve your PPI refund and take the anxiety out for this process you could look cord less mouse with an efficient claims management company that only aid the process but will also keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems in place that minimise the lots of time you end up being apply to claim your PPI compensation. Barrier experts in the ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can have 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 like a percentage for this PPI refund awarded. One course of action is think about a no win, free provider. Helps ensure which they will only are paid once get received the PPI compensation you are entitled to.