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 along with financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of buyer. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to settle 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 issue is not the PPI policy itself, however 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 review of your credit card statements or loan agreements and find the payment is charged every month for PPI insurance a person do not recall being given alternative to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is situation then it greatest to collate a lot of your statements as possible together with 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 are generally undertaking the procedure yourself writing a letter addressed into the lender you took out the credit agreement with is the first bit. In the letter, state just why you believe you meet the requirements for PPI compensation. Like the fact which were not informed that the PPI policy was optional or you were not provided with the terms and conditions of the PPI policy.
Many you also must be make a compensation claim directly get to the process, slow, time consuming and irritating. If you do not mind paying a little fee to secure a PPI refund you comes up with an alternative choice.
To facilitate your PPI refund and take the anxiety out of the process you could look the following an efficient claims management company that will not only help you with the process but furthermore keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems into position that minimise the time and energy you require to apply to claim your PPI compensation. Won’t experts regarding ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated like a percentage of your PPI refund awarded. The best ppi cpmpany advice is locate a no win, no fee provider. This will ensure that they’re going to only are paid once own received the PPI compensation you have entitlement to.