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 together with other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted their money back. Since then the Financial Ombudsman and the UK Courts have ruled in favour of buyer. 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 since it is policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to pay off a loan, and in case sold correctly provide a borrower with component of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, however 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 provide the terms and types of 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 out the PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it greatest to collate more of your statements as possible utilizing your credit agreement to allow for 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 might be undertaking notion yourself writing a letter addressed towards lender you took out the credit agreement with is your first stairway. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as the fact that you were not informed how do i know if i have PPI the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI policy.
Many people who make a claim directly run across process, slow, time consuming and stressful. If you do not mind paying a little fee to secure a PPI refund you includes an alternative alternate.
To shorten your PPI refund and take the anxiety out in the process an individual look to use an efficient claims management company which don’t only assist you with the process but may keep you up to speed every stage. Claims management companies know notion inside out and have systems set that minimise the hard work you require to apply to claim your PPI compensation. They are also experts previously ruling 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 a confident result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage with the PPI refund awarded. The best way forward is think about a no win, no fee provider. Helps ensure that they may only get paid once get received the PPI compensation you have entitlement to.