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 several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. Since then the Financial Ombudsman along with 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and in case sold correctly supply you with a borrower with section of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, nevertheless the mis-selling of the 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 to deliver the terms and scenarios 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 and also you do not recall being given choice to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it ideal for to collate as many of your statements as possible together with 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 you are undertaking carpet yourself writing a letter addressed to the lender you took the actual credit agreement with is your first bit. In the letter, state the grounds why you believe you qualify for PPI compensation. Such as the fact in order to were not informed that the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI package.
Many individuals who make an incident directly run across process, slow, time consuming and irritating. If you do not mind paying a little fee to have a PPI refund you offers an alternative variety.
To improve your PPI refund and take the anxiety out belonging to the process an individual look make use of an efficient claims management company that will not only support you with the process but will also keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems into position that minimise the lots of time you to be able to apply declare your PPI compensation. Barrier experts previously ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage of the PPI refund awarded. The best way forward is to consider a no win, no fee provider. This will ensure that they will only receives a commission once you have received the PPI compensation you have entitlement how to check ppi.