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 along with financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the consumer. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly not possible. 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 offering a borrower with component of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, however the mis-selling of the insurance 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 give the terms and conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance as well as do not recall being given an option to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is situation then it very best to collate a lot of your statements as possible utilizing your credit agreement to support your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if you are undertaking carpet yourself writing a letter addressed towards the lender you took out the credit agreement with is the first action. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. For instance the fact you were not informed that the PPI policy was optional or that you were not provided with the terms and conditions of the PPI plan.
Many because they came from make an incident directly get to the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you offers an alternative choice.
To raise your PPI refund and take the anxiety out for this process you look the following an efficient claims management company it doesn’t only support you with the process but will also keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems in that minimise the lots of time you require to apply to claim your PPI compensation. Mainly experts the actual world ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated like a percentage with the PPI refund awarded. The best ppi claims company recommendation is to look for a no win, free provider. Helps ensure that they need to only are paid once you might have received the PPI compensation you are entitled to.