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 big complaints being received by companies that the individuals took out their products with, initially only a number of 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to repay a loan, and when sold correctly offering a borrower with little bit of mind that should their circumstances change they could make use of the policy. The problem is not the ppi check policy itself, nevertheless the mis-selling of the 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 offer you the terms and types of conditions of the PPI policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given a possibility to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible utilizing 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 you are undertaking notion yourself writing a letter addressed to your lender you took out the credit agreement with is your first bit. In the letter, state the grounds why you believe you qualify for PPI compensation. For instance the fact in order to were not informed that the PPI policy was optional or you were not given with the terms and scenarios of the PPI prepare.
Many individuals who make claims directly run across process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative option.
To speed up your PPI refund and take the anxiety out in the process might look the following an efficient claims management company that wont only help you understand the process but may keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems together that minimise the hard work you to be able to apply to claim your PPI compensation. Barrier experts the actual world ruling completed 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 as a percentage of the PPI refund awarded. The best way forward is to look for a no win, free provider. Later . ensure that they’re going to only are paid once include received the PPI compensation you are entitled to.