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 a number of them were granted your money back. Since then the Financial Ombudsman and also 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 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 not likely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to get rid of a loan, and when sold correctly provide a borrower with piece of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, but the mis-selling of the protection to the wrong type and often unsuitable clients. Often banks made it look as though a ppi claim policy was a prerequisite for a successful loan application and would fail give the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given an option to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it ideal for to collate as 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 isn’t unusual for banks to reject PPI claims. However, if you are undertaking incorporate different marketing methods yourself writing a letter addressed into the lender you took out the credit agreement with is the first action. In the letter, state the reasons why you believe you are considered for PPI compensation. For instance the fact you were not informed how the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI law.
Many individuals who make an incident directly get to the process, slow, time consuming and stressful. If you do not mind paying any small fee to secure a PPI refund you includes an alternative alternate.
To speed up your PPI refund and take the anxiety out belonging to the process might look to utilize an efficient claims management company that only help you with the process but additionally keep you up to speed every stage. Claims management companies know notion inside out and have systems together that minimise the lots of time you require to apply to claim your PPI compensation. Mainly experts in the ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated to be a percentage for this PPI refund awarded. The best way forward is locate a no win, no fee provider. Could possibly ensure that they need to only get money once include received the PPI compensation you have entitlement to.