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 as well as other them were granted a reimbursement. 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 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 extremely unlikely. Remember that the role of ppi is to protect the lender using their client’s inability to get rid of a loan, and Plevin if sold correctly present you with a borrower with component of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, nevertheless the mis-selling of the policy 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 which your payment is charged every month for PPI insurance and also you do not recall being given option to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is situation then it is best to collate more 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 are undertaking carpet yourself writing a letter addressed into the lender you took out the credit agreement with is your first action. 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 policy was optional or that you were not provided with the terms and scenarios of the PPI law.
Many you also must be make claims directly select the process, slow, time consuming and time-consuming. If you do not mind paying a high quality fee to have a PPI refund you includes an alternative alternate.
To improve your PPI refund and take the stress out of this process you could look to use an efficient claims management company which don’t only support you with the process but may keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems together that minimise the time and energy you require to apply declare your PPI compensation. Barrier experts in the ruling from the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a beneficial 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. The best recommendation is to look for a no win, free provider. Could possibly ensure that they’re going to only get paid once you might have received the PPI compensation you have entitlement to.