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 that you’ll them were granted a refund. Since then the Financial Ombudsman and also 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 policies, but because it’s policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to repay a loan, and if sold correctly offer you a borrower with joint of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, but 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 offer you the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance a person do not recall being given an option to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is the truth then it ideal for to collate as most of your statements as possible and your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if the undertaking incorporate different marketing methods yourself writing a letter addressed into the lender you took the actual credit agreement with is the first step. 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 that you simply were not provided with the terms and scenarios of the PPI policy.
Many because they came from make a claim directly find the process, slow, time consuming and irritating. If you do not mind paying a high quality fee to have a ppi claim refund you comes up with an alternative choice.
To raise your PPI refund and take the anxiety out in the process you could look to utilize an efficient claims management company that will not only help you understand the process but may keep you up to speed every step of the way. Claims management companies know the process inside out and have systems in place that minimise the hard work you end up being apply to claim your PPI compensation. Won’t experts in the ruling from the Courts and 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 we intend to often be calculated as the percentage with the PPI refund awarded. The best way forward is think about a no win, no fee provider. Later . ensure which they will only earn once include received the PPI compensation you are entitled to.