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 that you’ll them were granted their money back. Since then the Financial Ombudsman and the UK Courts have ruled in favour of buyer. 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 making the policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender using their client’s inability to get rid of 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, nevertheless the mis-selling of the insurance 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 scenarios of the PPI policy.
If you research your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you do not recall being given a possibility to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it is best to collate as many of your statements as possible as well as 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 are undertaking the process 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 meet the criteria for PPI compensation. For instance the fact you were not informed how to claim ppi the PPI policy was optional or a person simply were not provided with the terms and scenarios of the PPI plan.
Many individuals who make a compensation claim directly find the process, slow, time consuming and time-consuming. If you do not mind paying any small fee to secure a PPI refund you comes up with an alternative variety.
To speed up your PPI refund and take the anxiety out for this process you could look make use of an efficient claims management company which don’t only help you with the process but additionally keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the wedding ceremony you require to apply to claim your PPI compensation. Won’t experts in the ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated like a percentage of the PPI refund awarded. One course of action is to consider a no win, no fee provider. Later . ensure that they may only get money once own received the PPI compensation you are entitled to.