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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted their money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the particular. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender from their client’s inability in order to a loan, and if sold correctly offering 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, nevertheless the mis-selling of the insurance plan 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 deliver the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and you do not recall being given an option to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is the truth then it greatest to collate as of your statements as possible together with 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 you are undertaking notion yourself writing a letter addressed towards the lender you took out the credit agreement with is your first step. In the letter, state just why you believe you are considered for PPI compensation. For example the fact you were not informed how the PPI policy was optional or a person simply were not given with the terms and types of conditions of the PPI plan.
Many people who make a claim directly select the process, slow, time consuming and irritating. If you do not mind paying any small fee to have a PPI refund you comes alternative variety.
To shorten your PPI refund and take the stress out of this process might look make use of an efficient claims management company which don’t only aid the process but likewise keep you up to hurry every stage. Claims management companies know the process inside out and have systems in that minimise the time and effort you to be able to apply to claim your PPI compensation. Won’t experts previously ruling completed by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of your PPI refund awarded. One course of action is think about a no win, no fee provider. Later . ensure that they may only get paid once you might have received the PPI compensation you have entitlement to.