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 together with other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted your money back. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the actual. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to repay a loan, and when sold correctly offering a borrower with section of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, however the mis-selling of the plan 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 types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given a possibility to take the PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate more of your statements as possible as well as 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 might be undertaking incorporate different marketing methods yourself writing a letter addressed to the lender you took out the credit agreement with is the first step. In the letter, state the grounds why you believe you are eligible for PPI compensation. For instance the fact a person can were not informed that the PPI policy was optional or that you were not provided with the terms and conditions of the ppi claim policy.
Many because they came from make an insurance claim directly find out the process, slow, time consuming and stressful. If you do not mind paying any small fee to have a PPI refund you offers an alternative option.
To raise 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 will also keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems set that minimise the time and energy you require to apply declare your PPI compensation. They are also experts in the ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated to be a percentage of your PPI refund awarded. One course of action is to go shopping for a no win, no fee provider. This will ensure that they’re going to only earn once own received the PPI compensation you have entitlement to.