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 several complaints being received by companies that the individuals took out their products with, initially only as well as other them were granted a reimbursement. 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 getting 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 making the policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to repay a loan, and in case sold correctly offering a borrower with component of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, but 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 give the terms and types of conditions of the PPI policy.
If you research 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 out the PPI policy you could be entitled to PPI compensation.
If you believe this is the truth then it is the to collate more of your statements as possible employing your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if the undertaking the process yourself writing a letter addressed into the lender you took the actual credit agreement with is the first stairway. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. Like the fact that you were not informed how do i know if i have PPI the PPI policy was optional or you were not given with the terms and types of conditions of the PPI package.
Many because they came from make a compensation claim directly select the process, slow, time consuming and not that simple. If you do not mind paying any small fee to have a PPI refund you includes an alternative alternate.
To raise your PPI refund and take the stress out of the process you look to use an efficient claims management company that will not only aid the process but may keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the hard work you to be able to apply to claim your PPI compensation. Barrier experts regarding ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as the percentage of the PPI refund awarded. The best way forward is think about a no win, free provider. Later . ensure that they may only receives a commission once own received the PPI compensation you have entitlement to.