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 various other financial products. Despite big complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of the particular. 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 the circumstances policies themselves “illegal” is highly impossible. Remember that the role of ppi is to protect the lender using their client’s inability to pay off a loan, and when sold correctly supply you with a borrower with joint 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 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 provide the terms and types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given a possibility to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it greatest to collate as of your statements as possible as well as your credit agreement to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if you might be undertaking incorporate different marketing methods yourself writing a letter addressed towards lender you took the actual credit agreement with is your first action. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Like the fact you were not informed how do i know if i have PPI the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI policy.
Many because they came from make an incident directly find out the process, slow, time consuming and not that simple. If you do not mind paying any small fee to have a PPI refund you includes an alternative alternate.
To speed up your PPI refund and take the stress out of this process you could look make use of an efficient claims management company it doesn’t only assist you with the process but furthermore keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems in place that minimise the time and effort you to be able to apply to claim your PPI compensation. They are also experts in the ruling from the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage for this PPI refund awarded. The best way forward is to consider a no win, free provider. Helps ensure that they need to only are paid once include received the PPI compensation you are entitled to.