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 your money back. Since then the Financial Ombudsman as well as 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and if sold correctly supply you with a borrower with joint 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 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 offer you the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you do not recall being given a possibility to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it very best to collate a lot of your statements as possible together with your credit agreement in order to 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 into the lender you took the actual credit agreement with is the first activity. In the letter, state just why you believe you qualify for PPI compensation. Such as fact that you were not informed that the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI law.
Many because they came from make an insurance claim directly get to the process, slow, time consuming and time-consuming. If you do not mind paying any small fee to secure a PPI refund you includes an alternative capability.
To improve your PPI refund and take the anxiety out of the process can look the following an efficient claims management company that wont only help you with the process but likewise keep you up to speed every step of the way. Claims management companies know the inside out and have systems into position that minimise the wedding ceremony you require to apply declare your PPI compensation. Barrier experts in the ruling generated by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in ppi claim refunds vary and we intend to often be calculated like a percentage with the PPI refund awarded. The best advice is think about a no win, free provider. Later . ensure that they will only get paid once own received the PPI compensation you are entitled to.