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 a huge complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted a refund. 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 having 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 because it’s policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability in order to a loan, and if sold correctly present you with a borrower with little bit 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 policy 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 your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given choice to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is situation then it ideal for to collate a lot of your statements as possible together with your credit agreement to aid 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 incorporate different marketing methods yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first step. In the letter, state just why you believe you qualify for PPI compensation. For instance the fact in order to were not informed how do i know if i have PPI the PPI policy was optional or that you were not given with the terms and scenarios of the PPI law.
Many you also must be make claims directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you offers an alternative option.
To raise your PPI refund and take the stress out in the process you could look make use of an efficient claims management company that wont only aid the process but furthermore keep you up to hurry every step of the way. Claims management companies know the inside out and have systems set that minimise the wedding ceremony you to be able to apply declare your PPI compensation. Mainly experts in the ruling by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as a percentage for this PPI refund awarded. One course of action is to consider a no win, no fee provider. Helps ensure that they need to only get paid once you have received the PPI compensation you are entitled to.