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 and other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman and 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 have to.
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 ppi is to protect the lender their own client’s inability to settle a loan, and when sold correctly offer you a borrower with section of mind that should their circumstances change they could call upon 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 deliver the terms and conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you do not recall being given a possibility to take the PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it is the 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 are generally undertaking notion yourself writing a letter addressed towards lender you took out the credit agreement with is your first step. In the letter, state the main reason why you believe you meet the criteria for PPI compensation. For example the fact you were not informed how to claim ppi the PPI policy was optional or that you were not given with the terms and conditions of the PPI law.
Many individuals who make an insurance claim directly get to the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to have a PPI refund you includes an alternative alternate.
To raise your PPI refund and take the stress out of the process might look to utilize an efficient claims management company that will not only support you with the process but will also keep you up to hurry every stage. Claims management companies know the inside out and have systems into position that minimise the time and energy you have to apply to claim your PPI compensation. They are also experts in the ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated like a percentage for this PPI refund awarded. One course of action is think about a no win, no fee provider. This will ensure that they need to only receives a commission once you have received the PPI compensation you are entitled to.