The mis-selling of ppi is considered to be one of the biggest scandals that has targeted individuals in the UK- who have taken out loans, credit cards and also financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted their money back. Since then the Financial Ombudsman along with 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender using their client’s inability in order to a loan, and when sold correctly supply you with a borrower with joint of mind that should their circumstances change they could call upon 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 deliver the terms and scenarios of the PPI policy.
If you research your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given an option to take the PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it is best to collate as many of your statements as possible utilizing 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 the undertaking the procedure yourself writing a letter addressed to the lender you took out the credit agreement with is your first action. In the letter, state just why you believe you qualify for PPI compensation. Such as fact which were not informed how the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI package.
Many that make a compensation claim directly select the process, slow, time consuming and irritating. If you do not mind paying a small fee to have a PPI refund you has an alternative choice.
To speed up your PPI refund and take the stress out of this process you look the following an efficient claims management company that will not only assist you with the process but additionally keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems set that minimise the wedding ceremony you should apply declare your PPI compensation. They are also experts previously ruling made by the Courts and will ensure 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 and it will often be calculated for a percentage for this PPI refund awarded. The best advice is to look for a no win, free provider. Could possibly ensure which they will only get paid once get received the ppi claim compensation you are entitled to.