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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted their money back. Since then the Financial Ombudsman along with 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to pay off a loan, and if sold correctly offering a borrower with component of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the insurance 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 offer you the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given an option to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it very best ppi claims company to collate as of your statements as possible utilizing 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 the process yourself writing a letter addressed into the lender you took the actual credit agreement with is the first action. In the letter, state the main reason why you believe you are eligible for PPI compensation. Like the fact you were not informed how the PPI policy was optional or that you simply were not given with the terms and scenarios of the PPI prepare.
Many you also must be make an incident directly find out the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to have a PPI refund you has an alternative alternate.
To raise your PPI refund and take the stress out belonging to the process you could look to utilize an efficient claims management company that wont only support you with the process but may keep you up to speed every step of the way. Claims management companies know notion inside out and have systems in place that minimise the time and effort you to be able to apply declare your PPI compensation. Won’t experts the actual world ruling completed by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated as a percentage in the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. This will ensure that they need to only get money once you have received the PPI compensation you have entitlement to.