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 along with financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of customer. 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 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 unlikely. Remember that the role of ppi is to protect the lender their particular client’s inability to pay off a loan, and in case sold correctly supply you with 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 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 scenarios 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 as well as do not recall being given a possibility to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is the then it is the to collate a lot of your statements as possible and your credit agreement to aid 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 notion yourself writing a letter addressed to your lender you took out the credit agreement with is the first step. In the letter, state the reason why you believe you are considered for PPI compensation. For instance the fact that you were not informed that the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI plan.
Many people who make a claim directly get to the process, slow, time consuming and stressful. If you do not mind paying any small fee to secure a PPI refund you comes alternative choice.
To raise your PPI refund and take the stress out of the process might look make use of an efficient claims management company that wont only help you with the process but additionally keep you up to hurry every step of the way. Claims management companies know notion inside out and have systems into position that minimise the time and energy you have to apply declare your PPI compensation. They will also be experts in the ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated to be a percentage in the PPI refund awarded. The best way forward is think about a no win, Plevin no fee provider. Could possibly ensure which they will only receives a commission once include received the PPI compensation you have entitlement to.