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 and other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted their money back. 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 getting the money you’ve wasted in paying for a PPI policy you didn’t would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to repay a loan, and in case sold correctly provide a borrower with section of mind that should their circumstances change they could call upon the policy. The issue is not the ppi claim 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 give the terms and conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance a person do not recall being given alternative to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it ideal for to collate more 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 is not unusual for banks to reject PPI claims. However, if you are undertaking notion yourself writing a letter addressed to the lender you took out the credit agreement with is the first action. In the letter, state the reasons why you believe you are considered for PPI compensation. For example the fact a person can were not informed that the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI prepare.
Many people who make an incident 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 alternate.
To speed up your PPI refund and take the stress out for this process you could look the following an efficient claims management company which don’t only aid the process but furthermore keep you up to hurry every stage. Claims management companies know notion inside out and have systems in that minimise the time and energy you have to apply to claim your PPI compensation. They are also experts in the ruling by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage of the PPI refund awarded. Our recommendation is think about a no win, no fee provider. Could possibly ensure that they will only are paid once get received the PPI compensation you have entitlement to.