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 and 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 their money back. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of buyer. 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 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 their own client’s inability in order to a loan, and when sold correctly supply you with 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, nevertheless the mis-selling of the insurance 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 conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance an individual also how do i know if i have PPI not recall being given alternative to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it is the to collate as many of your statements as possible employing 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 you are undertaking the procedure yourself writing a letter addressed into the lender you took the actual credit agreement with is your first stairway. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. For instance the fact a person can were not informed that the PPI policy was optional or a person can were not given with the terms and scenarios of the PPI package.
Many people who make claims directly find out the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you includes an alternative variety.
To raise your PPI refund and take the stress out belonging to the process you could look to use an efficient claims management company that will not only help you with the process but additionally keep you up to speed every step of the way. Claims management companies know the process inside out and have systems in that minimise the time and effort you end up being apply declare your PPI compensation. They are also experts regarding ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated like a percentage for this PPI refund awarded. Our recommendation is to consider a no win, no fee provider. This will ensure that they’re going to only get money once include received the PPI compensation you have entitlement to.