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 your money back. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of customer. 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 need.
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 if sold correctly present you with a borrower with little bit of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, but the mis-selling of the plan 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 deliver the terms and scenarios 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 also you do not recall being given choice to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is the truth then it very best to collate more of your statements as possible together with your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if the undertaking carpet yourself writing a letter addressed towards lender you took out the credit agreement with is your first bit. In the letter, state just why you believe you are eligible for PPI compensation. For example the fact that you were not informed that the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI prepare.
Many you also must be make an incident directly run across process, slow, time consuming and time-consuming. If you do not mind paying a little fee to have a PPI refund you comes up with an alternative alternate.
To facilitate your PPI refund and take the stress out in the process you look cord less mouse with an efficient claims management company that only support you with the process but likewise keep you up to speed every stage. Claims management companies know notion inside out and have systems set that minimise the time and energy you end up being apply declare your PPI compensation. Barrier experts previously ruling generated by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated to be a percentage with the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. Later . ensure which they will only get money once own received the ppi claim compensation you have entitlement to.