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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman along with 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to repay a loan, and if sold correctly offering 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, but 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 that a payment is charged every month for PPI insurance and you do not recall being given a possibility to take the PPI policy you most likely are 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 to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if you might be undertaking notion yourself writing a letter addressed to your lender you took the credit agreement with is the first bit. In the letter, state the reason why you believe you are considered for Plevin PPI compensation. For instance the fact you were not informed how the PPI policy was optional or that you simply were not given with the terms and types of conditions of the PPI law.
Many individuals who make an incident directly run across process, slow, time consuming and frustrating. If you do not mind paying a little fee to secure a PPI refund you has an alternative alternate.
To improve your PPI refund and take the stress out in the process can look to utilize an efficient claims management company that wont only aid the process but additionally keep you up to speed every step of the way. Claims management companies know the process inside out and have systems into position that minimise the lots of time you should apply to claim your PPI compensation. They are also experts the actual world ruling by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated to be a percentage in the PPI refund awarded. Our recommendation is locate a no win, no fee provider. Will certainly ensure which they will only receives a commission once include received the PPI compensation you have entitlement to.