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 various other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. 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 getting 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 because it’s policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to get rid of a loan, and in case sold correctly supply you with a borrower with joint of mind that should their circumstances change they could call upon 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 offer you the terms and scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance an individual also do not recall being given a possibility to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the then it greatest to collate a lot of your statements as possible employing your credit agreement to oblige 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 are undertaking the process yourself writing a letter addressed to the lender you took the credit agreement with is your first activity. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as the fact in order to were not informed that the PPI policy was optional or that you were not given with the terms and conditions of the PPI prepare.
Many that make a claim directly run across process, slow, time consuming and irritating. If you how do i know if i have PPI not mind paying a high quality fee to secure a PPI refund you offers an alternative choice.
To raise your PPI refund and take the stress out in the process an individual look to use an efficient claims management company that wont only support you with the process but may keep you up to hurry every stage. Claims management companies know the inside out and have systems in that minimise the time and effort you to be able to apply declare your PPI compensation. They are also experts the actual world ruling made by the Courts and will 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 it will often be calculated as the percentage for this PPI refund awarded. The best way forward is to go shopping for a no win, free provider. This will ensure which they will only get money once you might have received the PPI compensation you are entitled to.