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 thousands of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted their money back. Since then the Financial Ombudsman along with 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and when sold correctly offer you a borrower with little bit of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the 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 to provide the terms and conditions of the ppi calculator policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given alternative to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is circumstance then it is best to collate more of your statements as possible utilizing your credit agreement to aid 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 out the credit agreement with is the first bit. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as fact that you were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI law.
Many people who make a claim directly select the process, slow, time consuming and irritating. If you do not mind paying a small fee to have a PPI refund you comes alternative alternate.
To shorten your PPI refund and take the stress out of the process you could look cord less mouse with an efficient claims management company that only help you understand the process but will also keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems together that minimise the wedding ceremony you should apply to claim your PPI compensation. They are also experts previously ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage with the PPI refund awarded. The best advice is to look for a no win, free provider. Later . ensure that they may only are paid once get received the PPI compensation you have entitlement to.