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 that you’ll 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 having the money you’ve wasted in paying for a PPI policy you didn’t would like.
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 using their client’s inability to pay off a loan, and in case sold correctly present you with a borrower with piece 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 to deliver the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance as well as do not recall being given alternative to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it ideal for to collate as most of your statements as possible employing 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 the undertaking the process yourself writing a letter addressed into the lender you took out the credit agreement with is your first step. In the letter, state just why you believe you are considered for ppi check compensation. For instance the fact a person can were not informed that the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI package.
Many people who make an incident directly find the process, slow, time consuming and stressful. If you do not mind paying a little fee to have a PPI refund you comes alternative capability.
To facilitate your PPI refund and take the anxiety out of this process can look the following an efficient claims management company it doesn’t only support you with the process but furthermore keep you up to speed every step of the way. Claims management companies know the process inside out and have systems into position that minimise the time and effort you to be able to apply declare your PPI compensation. Won’t experts previously ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated for a percentage for this PPI refund awarded. The best way forward is to look for a no win, free provider. Helps ensure that they may only get paid once include received the PPI compensation you have entitlement to.