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 various 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 a refund. 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 Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to pay off a loan, and when sold correctly supply you with a borrower with piece of mind that should their circumstances change they could make use of the policy. The problem 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 types of conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and you do not recall being given an option to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it very best to collate as most of your statements as possible utilizing 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 towards lender you took out the credit agreement with is your first stairway. In the letter, state the reasons why you believe you qualify for PPI compensation. Like the fact that you were not informed how to claim ppi the PPI policy was optional or that you simply were not given with the terms and types of conditions of the PPI plan.
Many you also must be make claims directly run across process, slow, time consuming and not that simple. If you do not mind paying a small fee to secure a PPI refund you comes alternative choice.
To speed up your PPI refund and take the stress out in the process can look to utilize an efficient claims management company that wont only help you understand the process but additionally keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems in place that minimise the hard work you to be able to apply to claim your PPI compensation. They are also experts regarding ruling generated by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have 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 to be a percentage with the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. Will certainly ensure which they will only earn once get received the PPI compensation you have entitlement to.