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 several complaints being received by companies that the individuals took out their products with, initially only a few of them were granted their money back. Since then the Financial Ombudsman along with 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and in case sold correctly provide a borrower with section of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, nevertheless 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 certain payment is charged every month for PPI insurance an individual also do not recall being given a possibility to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as many of your statements as possible employing your credit agreement to oblige 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 into the lender you took the credit agreement with is your first stairway. In the letter, state the reasons why you believe you meet the requirements for PPI compensation. Such as fact which were not informed that the PPI policy was optional or a person simply were not given with the terms and types of conditions of the PPI law.
Many individuals who make claims directly get to the process, slow, time consuming and time-consuming. If you how do i know if i have PPI not mind paying a small fee to have a PPI refund you comes alternative choice.
To speed up your PPI refund and take the stress out for this process might look make use of an efficient claims management company that will not only assist you with the process but will also keep you up to speed every stage. Claims management companies know the inside out and have systems in that minimise the hard work you have to apply declare your PPI compensation. Mainly experts in the ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as a percentage in the PPI refund awarded. The best way forward is to look for a no win, no fee provider. Later . ensure that they may only earn once include received the PPI compensation you are entitled to.