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 together with other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman along with 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to get rid of a loan, and when sold correctly offer you a borrower with piece of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, nevertheless the mis-selling of the protection 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 types of conditions of the PPI policy.
If you review of your 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 an option to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is the then it greatest to collate as most of your statements as possible utilizing your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if you might be undertaking the process yourself writing a letter addressed to the lender you took out the credit agreement with is the first stairway. In the letter, state just why you believe you qualify for PPI compensation. For instance the fact you were not informed that the PPI policy was optional or a person can were not provided with the terms and conditions of the ppi claim package.
Many people who make an insurance claim directly run across process, slow, time consuming and irritating. If you do not mind paying any small fee to have a PPI refund you includes an alternative option.
To improve your PPI refund and take the anxiety out of the process an individual look the following an efficient claims management company that wont only assist you with the process but may keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems set that minimise the hard work you require to apply declare your PPI compensation. Mainly experts previously ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can within 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 for a percentage of the PPI refund awarded. The best recommendation is think about a no win, free provider. Could possibly ensure that they may only receives a commission once you have received the PPI compensation you are entitled to.