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 together with other 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 their money back. 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 getting the money you’ve wasted in paying for a PPI policy you didn’t wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and in case sold correctly offering a borrower with little bit of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, however the mis-selling of the insurance 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 to deliver the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given an option to take the PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it very best to collate as many 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 the undertaking carpet yourself writing a letter addressed to your lender you took out the credit agreement with is the first step. In the letter, state just why you believe you are eligible for PPI compensation. Such as the fact you were not informed how to claim ppi the PPI policy was optional or a person can were not given with the terms and conditions of the PPI package.
Many you also must be make a compensation claim directly find the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you offers an alternative option.
To shorten your PPI refund and take the anxiety out of the process you could look make use of an efficient claims management company that will not only help you with the process but may keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems in place that minimise the time and energy you to be able to apply to claim your PPI compensation. Barrier experts in the ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated like a percentage with the PPI refund awarded. The best way forward is to consider a no win, no fee provider. This will ensure that they will only earn once you have received the PPI compensation you have entitlement to.