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 lots of 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 because it’s policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender using their client’s inability to repay a loan, and if sold correctly present you with 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, but the mis-selling of the insurance 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 types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find the payment is charged every month for PPI insurance as well as do not recall being given a possibility to take the actual ppi claim policy you may be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible and your credit agreement to support 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 the procedure yourself writing a letter addressed to the lender you took the credit agreement with is the first action. In the letter, state the reason why you believe you meet the requirements for PPI compensation. For example the fact a person can were not informed how the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI plan.
Many individuals who make a claim directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to have a PPI refund you includes an alternative capability.
To raise your PPI refund and take the stress out in the process you look to use an efficient claims management company which don’t only help you with the process but likewise keep you up to speed every step of the way. Claims management companies know the process inside out and have systems set that minimise the time and energy you to be able to apply declare your PPI compensation. They are also experts in the ruling made by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated as a percentage of your PPI refund awarded. The best way forward is to look for a no win, free provider. Will certainly ensure which they will only earn once include received the PPI compensation you are entitled to.