The mis-selling of ppi 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 several complaints being received by companies that the individuals took out their products with, initially only a few 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 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 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 in case sold correctly present 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 check 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 to provide the terms and types of conditions of the PPI policy.
If you review of 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 alternative to take the PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as many of your statements as possible as well as 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 are generally undertaking the process yourself writing a letter addressed to the lender you took out the credit agreement with is your first action. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. For example the fact a person can were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI policy.
Many because they came from make a claim directly run across process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you comes up with an alternative capability.
To shorten your PPI refund and take the anxiety out of this process an individual look make use of an efficient claims management company that only help you with the process but additionally keep you up to speed every stage. Claims management companies know the inside out and have systems set that minimise the lots of time you should apply declare your PPI compensation. Mainly experts in the ruling made by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee keeping a positive 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. Our recommendation is locate a no win, no fee provider. This will ensure that they’re going to only are paid once include received the PPI compensation you are entitled to.