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 together with other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted reimbursement. Since then the Financial Ombudsman as well as 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold ppi claim 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 their particular client’s inability to get rid of a loan, and in case sold correctly offer you a borrower with little bit of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the plan 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 take a look at credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and you do not recall being given an option to take the PPI policy you could be entitled to PPI compensation.
If you believe this is situation then it greatest to collate as many 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 might be undertaking carpet yourself writing a letter addressed into the lender you took the actual credit agreement with is your first step. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. Such as fact you were not informed that the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI plan.
Many people who make an insurance claim directly find out the process, slow, time consuming and stressful. If you do not mind paying a little fee to have a PPI refund you comes alternative option.
To shorten your PPI refund and take the stress out of this process might look make use of an efficient claims management company that wont only aid the process but furthermore keep you up to speed every stage. Claims management companies know the procedure inside out and have systems into position that minimise the time and energy you should apply declare your PPI compensation. Won’t experts in the ruling from the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage of the PPI refund awarded. The best recommendation is locate a no win, free provider. Later . ensure which they will only receives a commission once own received the PPI compensation you are entitled to.