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 a huge 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 the UK Courts have ruled in favour of customer. 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 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 in case sold correctly supply you with a borrower with component of mind that should their circumstances change they could call upon the policy. The problem 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 give the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you do not recall being given alternative to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as of your statements as possible and your credit agreement in order to 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 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 step. In the letter, state just why you believe you meet the criteria for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or that you simply were not given with the terms and scenarios of the PPI package.
Many you also must be make an insurance claim directly find out the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you comes alternative variety.
To facilitate your PPI refund and take the anxiety out belonging to the process an individual look make use of an efficient claims management company that wont only help you with the process but may keep you up to hurry every stage. Claims management companies know the inside out and have systems into position that minimise the hard work you end up being apply declare your PPI compensation. Mainly experts the actual world ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as a percentage with the PPI refund awarded. The best ppi claims company way forward is to consider a no win, free provider. Will certainly ensure that they will only get paid once get received the PPI compensation you have entitlement to.