The mis-selling of ppi 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 that you’ll them were granted your money back. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to repay a loan, and if sold correctly provide a borrower with component of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, nevertheless 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 offer you the terms and conditions of the PPI policy.
If you research your 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 choice to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the case then it greatest to collate as of your statements as possible utilizing your credit agreement to oblige 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 carpet yourself writing a letter addressed to the lender you took the actual credit agreement with is the first step. In the letter, state just why you believe you are considered for PPI compensation. Such as the fact that you were not informed how the PPI policy was optional or you were not given with the terms and scenarios of the ppi claim law.
Many because they came from make a compensation claim directly find out the process, slow, time consuming and stressful. If you do not mind paying any small fee to secure a PPI refund you has an alternative option.
To speed up your PPI refund and take the stress out for this process you look to utilize an efficient claims management company that will not only aid the process but will also keep you up to hurry every stage. Claims management companies know the process inside out and have systems into position that minimise the wedding ceremony you have to apply to claim your PPI compensation. They are also experts in the ruling made by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage in the PPI refund awarded. Our recommendation is think about a no win, no fee provider. Later . ensure that they may only receives a commission once you might have received the PPI compensation you are entitled to.