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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the actual. 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 wish.
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 payment protection insurance 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 joint of mind that should their circumstances change they could call upon the policy. The problem 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 to provide the terms and scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you do not recall being given an option to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is circumstance then it is best to collate more of your statements as possible as well as 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 the undertaking carpet yourself writing a letter addressed towards lender you took the credit agreement with is the first action. In the letter, state the reason why you believe you are considered for PPI compensation. Such as the fact a person can were not informed how to claim ppi the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI law.
Many individuals who make an insurance claim directly find out the process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to have a PPI refund you comes alternative choice.
To speed up your PPI refund and take the anxiety out of this process can look the following an efficient claims management company that will not only assist you with the process but may keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems in place that minimise the time and energy you should apply to claim your PPI compensation. Won’t experts in the ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase 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 as a percentage in the PPI refund awarded. The best advice is to go shopping for a no win, no fee provider. Later . ensure that they will only receives a commission once you might have received the PPI compensation you are entitled to.