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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman as well as 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 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 not likely. Remember that the role of ppi is to protect the lender their particular client’s inability to repay a loan, and if sold correctly present you with a borrower with joint of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, but the mis-selling of the 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 to deliver the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance an individual also do not recall being given alternative to take out the PPI policy you could be entitled to ppi claim compensation.
If you believe this is situation then it is best to collate more of your statements as possible as well as your credit agreement to aid 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 are undertaking the procedure yourself writing a letter addressed towards lender you took out the credit agreement with is the first activity. In the letter, state the grounds why you believe you meet the requirements for PPI compensation. Such as the fact which were not informed that the PPI policy was optional or you were not provided with the terms and scenarios of the PPI law.
Many because they came from make claims directly find out the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you has an alternative option.
To raise your PPI refund and take the stress out of this process you could look cord less mouse with an efficient claims management company which don’t only assist you with the process but may keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems in place that minimise the time and energy you to be able to apply to claim your PPI compensation. They are also experts in the ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated as the percentage for this PPI refund awarded. The best recommendation is to consider a no win, free provider. This will ensure that they may only get money once get received the PPI compensation you have entitlement to.