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 along with financial products. Despite several 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 also 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but since it is policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender their particular client’s inability in order to a loan, and in case sold correctly provide a borrower with piece of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, however 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 types of conditions of the PPI policy.
If you see the credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and you do not recall being given option to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it very best to collate as of your statements as possible as well as your credit agreement to allow for 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 incorporate different marketing methods yourself writing a letter addressed into the lender you took the credit agreement with is the first action. In the letter, state just why you believe you qualify for PPI compensation. Such as fact you were not informed that the PPI policy was optional or you were not given with the terms and types of conditions of the PPI policy.
Many you also must be make an incident directly select the process, slow, time consuming and irritating. If you do not mind paying a small fee to have a ppi claim refund you has an alternative choice.
To shorten your PPI refund and take the stress out belonging to the process you look the following an efficient claims management company that will not only assist you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems together that minimise the time and effort you have to apply declare your PPI compensation. Barrier experts regarding ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage with the PPI refund awarded. The best way forward is to consider a no win, no fee provider. Later . ensure which they will only get paid once you might have received the PPI compensation you have entitlement to.