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 various 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 a reimbursement. 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to get rid of a loan, and in case sold correctly supply you with a borrower with piece of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, but 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 to provide the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given alternative to take out the PPI policy you might be entitled to ppi claim compensation.
If you believe this is circumstance then it very best to collate as many of your statements as possible employing your credit agreement to oblige 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 notion yourself writing a letter addressed to the lender you took out the credit agreement with is your first activity. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as the fact that you were not informed how the PPI policy was optional or a person simply were not given with the terms and scenarios of the PPI plan.
Many that make an insurance claim directly find out the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative variety.
To raise your PPI refund and take the anxiety out belonging to the process you look make use of an efficient claims management company that only support you with the process but will also keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems into position that minimise the wedding ceremony you require to apply declare your PPI compensation. They are also experts regarding ruling completed by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated to be a percentage of the PPI refund awarded. The best way forward is to look for a no win, no fee provider. Could possibly ensure that they may only get paid once you have received the PPI compensation you have entitlement to.