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 a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of buyer. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability in order to a loan, and in case sold correctly provide a borrower with section 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 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 deliver the terms and scenarios of the PPI policy.
If you review of your 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 an option to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the then it very best ppi claims company to collate as many of your statements as possible utilizing your credit agreement in order to 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 the process yourself writing a letter addressed towards lender you took the credit agreement with is your first action. In the letter, state the reasons why you believe you meet the requirements for PPI compensation. Such as the fact that you were not informed that the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI plan.
Many because they came from make claims directly run across process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you offers an alternative capability.
To improve your PPI refund and take the anxiety out of the process might look to use an efficient claims management company which don’t only support you with the process but may keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems into position that minimise the wedding ceremony you should apply declare your PPI compensation. They will also be experts regarding ruling from the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase 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 as a percentage of the PPI refund awarded. Our recommendation is to look for a no win, free provider. This will ensure which they will only are paid once you might have received the PPI compensation you are entitled to.