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 and other financial products. Despite big 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 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 have to.
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 unlikely. Remember that the role of ppi is how to check ppi protect the lender using their client’s inability to repay 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 issue is not the PPI policy itself, but 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 offer you the terms and scenarios of the PPI policy.
If you see the 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 might be entitled to PPI compensation.
If you believe this is the case then it greatest to collate a lot of your statements as possible employing your credit agreement to oblige 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 notion yourself writing a letter addressed to your lender you took out the credit agreement with is your first action. In the letter, state the reason why you believe you are considered for PPI compensation. For instance the fact that you were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI policy.
Many you also must be make a compensation claim directly find the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you comes alternative variety.
To facilitate your PPI refund and take the stress out for this process you look to use an efficient claims management company it doesn’t only help you understand the process but may keep you up to hurry every step of the way. Claims management companies know the procedure inside out and have systems into position that minimise the time and energy you should apply to claim your PPI compensation. They will also be experts regarding ruling completed by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage of the PPI refund awarded. The best way forward is think about a no win, no fee provider. This will ensure that they’re going to only receives a commission once you might have received the PPI compensation you are entitled to.