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 big 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 and also 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 since it is policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to repay a loan, and when sold correctly present you with 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, nevertheless 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 to deliver the terms and conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and you do not recall being given a possibility to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it is best to collate as of your statements as possible utilizing your credit agreement to oblige 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 might be undertaking the procedure yourself writing a letter addressed into the lender you took out the credit agreement with is your first stairway. In the letter, state just why you believe you are considered for PPI compensation. Such as the fact which were not informed how to check ppi the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI package.
Many you also must be make an incident directly find the process, slow, time consuming and frustrating. If you do not mind paying a little fee to secure a PPI refund you comes up with an alternative option.
To improve your PPI refund and take the anxiety out for this process an individual look to use an efficient claims management company it doesn’t only support you with the process but may keep you up to speed every step of the way. Claims management companies know the inside out and have systems in place that minimise the lots of time you to be able to apply to claim your PPI compensation. They will also be experts regarding ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated to be a percentage in the PPI refund awarded. The best advice is to consider a no win, free provider. Helps ensure that they will only are paid once you have received the PPI compensation you are entitled to.