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 and also financial products. Despite thousands of 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 customer. 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 would like.
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 ppi is to protect the lender using their client’s inability to settle a loan, and when sold correctly provide 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 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 review your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given choice to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it very best to collate a lot 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 are undertaking the process yourself writing a letter addressed to your lender you took the actual credit agreement with is your first stairway. In the letter, state the reasons why you believe you are eligible for PPI compensation. For instance the fact you were not informed how to check ppi the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI law.
Many you also must be make a claim directly select the process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to secure a PPI refund you has an alternative variety.
To speed up your PPI refund and take the stress out of the process might look the following an efficient claims management company it doesn’t only help you with 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 wedding ceremony you should apply declare your PPI compensation. Mainly experts regarding ruling by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as the percentage in the PPI refund awarded. The best advice is to consider a no win, free provider. Could possibly ensure which they will only get money once own received the PPI compensation you are entitled to.