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 various other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only primarily 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 call for.
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 impossible. Remember that the role of ppi is to protect the lender their own client’s inability to pay off a loan, and if sold correctly present you with 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 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 scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find which your payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate as most of your statements as possible employing 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 the undertaking the procedure yourself writing a letter addressed towards lender you took the credit agreement with is the first activity. In the letter, state the reason why you believe you are eligible for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or a person can were not given with the terms and scenarios of the PPI law.
Many people who make an insurance claim directly get to the process, Plevin slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you comes up with an alternative alternate.
To speed up your PPI refund and take the stress out of this process can look cord less mouse with an efficient claims management company that will not only help you with 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 require to apply declare your PPI compensation. Won’t experts in the ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated to be a percentage for this PPI refund awarded. The best advice is to go shopping for a no win, no fee provider. This will ensure that they need to only receives a commission once own received the PPI compensation you have entitlement to.