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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. 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 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 ppi is to protect the lender from their client’s inability in order to a loan, and when sold correctly provide a borrower with joint 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 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 to provide the terms and types of conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance an individual also do not recall being given choice to take the actual PPI policy you could 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 isn’t unusual for banks to reject ppi claim claims. However, if you might be undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took out the credit agreement with is your first stairway. In the letter, state the reason why you believe you qualify for PPI compensation. Such as fact you were not informed how the PPI policy was optional or a person simply were not given with the terms and types of conditions of the PPI policy.
Many because they came from make claims directly get to the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you offers an alternative choice.
To improve your PPI refund and take the anxiety out of the process an individual look to use an efficient claims management company which don’t only help you understand the process but additionally keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems in place that minimise the time and effort you should apply declare your PPI compensation. Mainly experts in the ruling made by 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 beneficial result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated like a percentage with the PPI refund awarded. The best way forward is to look for a no win, no fee provider. Could possibly ensure that they will only are paid once include received the PPI compensation you have entitlement to.