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 a few of them were granted their money back. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of buyer. 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 claim Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s 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 settle a loan, and if sold correctly offer you a borrower with little bit of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, however the mis-selling of the insurance 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 deliver the terms and conditions of the PPI policy.
If you research your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and also you do not recall being given alternative to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate as many of your statements as possible together with your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if the undertaking the process yourself writing a letter addressed to the lender you took the credit agreement with is the first activity. In the letter, state the reason why you believe you meet the requirements for PPI compensation. Like the fact which were not informed that the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI prepare.
Many that make claims directly run across process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you offers an alternative option.
To shorten your PPI refund and take the anxiety out in the process you look the following an efficient claims management company it doesn’t only assist you with the process but furthermore keep you up to speed every step of the way. Claims management companies know notion inside out and have systems into position that minimise the wedding ceremony you end up being apply to claim your PPI compensation. They are also experts regarding ruling by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as the percentage for this PPI refund awarded. The best way forward is to look for a no win, free provider. Will certainly ensure that they will only receives a commission once own received the PPI compensation you are entitled to.