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 and other financial products. Despite several 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 and also the UK Courts have ruled in favour of customer. As a client and a potential victim of mis-selling, your priority should be having the money you’ve wasted in paying for a PPI policy you didn’t wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to repay 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 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 give the terms and conditions of the PPI policy.
If you research your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and you do not recall being given alternative to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it is best to collate as most of your statements as possible together with your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject ppi claim claims. However, if you are undertaking incorporate different marketing methods yourself writing a letter addressed towards lender you took the actual credit agreement with is the first stairway. In the letter, state the reasons why you believe you meet the requirements for PPI compensation. For example the fact in order to were not informed how the PPI policy was optional or a person simply were not provided with the terms and scenarios of the PPI plan.
Many individuals who make claims directly run across process, slow, time consuming and stressful. If you do not mind paying a high quality fee to secure a PPI refund you offers an alternative choice.
To shorten your PPI refund and take the stress out of the process an individual look cord less mouse with an efficient claims management company that will not only aid the process but additionally keep you up to hurry every step of the way. Claims management companies know the inside out and have systems in that minimise the time and effort you end up being apply declare your PPI compensation. They will also be experts previously ruling completed by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated to be a percentage of your PPI refund awarded. The best recommendation is to go shopping for a no win, no fee provider. This will ensure that they need to only receives a commission once include received the PPI compensation you are entitled to.