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 several 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 and 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly impossible. Remember that the role of ppi is to protect the lender their own client’s inability to pay off a loan, and in case sold correctly offering a borrower with section of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, but the mis-selling of the protection 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 take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given option to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is the then it greatest 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 are generally undertaking incorporate different marketing methods yourself writing a letter addressed into the lender you took the actual credit agreement with is your first step. In the letter, state the reasons why you believe you meet the requirements for ppi claim compensation. Such as the fact a person can were not informed that the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI package.
Many you also must be make a claim directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to have a PPI refund you comes up with an alternative capability.
To raise your PPI refund and take the anxiety out belonging to the process you could look make use of an efficient claims management company it doesn’t only assist you with the process but furthermore keep you up to hurry every stage. Claims management companies know the process inside out and have systems set that minimise the time and energy you have to apply to claim your PPI compensation. They will also be experts regarding ruling by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage in the PPI refund awarded. The best recommendation is to look for a no win, no fee provider. Could possibly ensure that they will only get money once you might have received the PPI compensation you are entitled to.