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 and other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the consumer. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to settle 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, nevertheless the mis-selling of the insurance plan to the wrong type and often unsuitable clients. Often banks made it look as though a ppi claim policy was a prerequisite for a successful loan application and would fail deliver the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance a person do not recall being given option to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it very best to collate a lot of your statements as possible and 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 the undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took out the credit agreement with is the first step. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Such as the fact which were not informed that the PPI policy was optional or a person simply were not provided with the terms and scenarios of the PPI policy.
Many people who make an incident directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you comes up with an alternative choice.
To shorten your PPI refund and take the stress out for this process might look to utilize an efficient claims management company that will not only support you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems in that minimise the hard work you require to apply declare your PPI compensation. They will also be experts previously ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage of your PPI refund awarded. The best advice is locate a no win, no fee provider. Will certainly ensure that they will only receives a commission once get received the PPI compensation you have entitlement to.