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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a reimbursement. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the particular. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to get rid of a loan, and if sold correctly supply you with a borrower with section of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, but 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 see the 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 out the PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it very best to collate as many of your statements as possible together with your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking the procedure yourself writing a letter addressed to the lender you took out the credit agreement with is your first step. In the letter, state the reasons why you believe you meet the criteria for PPI compensation. Like the fact that you were not informed that the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI prepare.
Many that make an incident directly find the process, slow, time consuming and stressful. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative choice.
To speed up your PPI refund and take the anxiety out for this process you could look cord less mouse with an efficient claims management company that will not only support you with the process but will also keep you up to hurry every step of the way. Claims management companies know the inside out and have systems set that minimise the lots of time you end up being apply declare your PPI compensation. Won’t experts regarding ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated to be a percentage with the PPI refund awarded. The best ppi claims company advice is think about a no win, free provider. Could possibly ensure that they may only are paid once own received the PPI compensation you are entitled to.