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 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 also 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to get rid of a loan, and when sold correctly supply you with a borrower with joint of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, however the mis-selling of the protection 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 deliver the terms and scenarios of the PPI policy.
If you research your credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given alternative to take the actual PPI policy you might 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 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 notion yourself writing a letter addressed towards the lender you took out the credit agreement with is the first stairway. In the letter, state the grounds why you believe you qualify for PPI compensation. For instance the fact in order to were not informed that the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI package.
Many you also must be make a claim directly run across process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you offers an alternative option.
To shorten your PPI refund and take the anxiety out of this 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 hurry every step of the way. Claims management companies know the process inside out and have systems set that minimise the wedding ceremony you to be able to apply declare your PPI compensation. Won’t experts the actual world ruling by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated for a percentage of the PPI refund awarded. Our recommendation is locate a no win, Plevin no fee provider. This will ensure that they may only get paid once include received the PPI compensation you have entitlement to.