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 big complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a refund. 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 need.
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 payment protection insurance is how to claim ppi protect the lender their particular client’s inability in order to a loan, and in case sold correctly supply you with a borrower with little bit of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, nevertheless 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 types of conditions 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 you do not recall being given a possibility to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it very best to collate as most of your statements as possible and your credit agreement to support your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if are generally undertaking the procedure yourself writing a letter addressed to the lender you took out the credit agreement with is your first activity. In the letter, state just why you believe you are eligible for PPI compensation. Such as the fact which were not informed that the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI prepare.
Many people who make an insurance claim directly find out the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to have a PPI refund you has an alternative variety.
To speed up your PPI refund and take the stress out for this process can look the following an efficient claims management company that only aid the process but additionally keep you up to hurry every stage. Claims management companies know notion inside out and have systems into position that minimise the wedding ceremony you should apply declare your PPI compensation. They will also be experts the actual world ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated like a percentage in the PPI refund awarded. The best advice is to consider a no win, no fee provider. Later . ensure that they may only are paid once you might have received the PPI compensation you are entitled to.