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 and other 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 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold ppi check policies, but proper policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender their own client’s inability to repay a loan, and if sold correctly present you with a borrower with section of mind that should their circumstances change they could make use of the policy. The issue 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 give the terms and conditions of the PPI policy.
If you review of your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you do not recall being given alternative to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the then it is the to collate more of your statements as possible employing 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 the undertaking carpet yourself writing a letter addressed to the lender you took the credit agreement with is your first action. In the letter, state the grounds 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 a person can were not provided with the terms and types of conditions of the PPI package.
Many individuals who make an insurance claim directly get to the process, slow, time consuming and not that simple. If you do not mind paying a little fee to have a PPI refund you includes an alternative alternate.
To facilitate your PPI refund and take the anxiety out for this process an individual look the following an efficient claims management company that will not only help you understand the process but furthermore keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems set that minimise the time and energy you should apply to claim your PPI compensation. Barrier experts regarding ruling made 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 positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated like a percentage in the PPI refund awarded. Our recommendation is think about a no win, free provider. Helps ensure that they will only get paid once include received the PPI compensation you are entitled to.