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 also financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted their money back. Since then the Financial Ombudsman along with 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 claim 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 settle a loan, and if sold correctly supply you with a borrower with component 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 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 types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance an individual also do not recall being given an option to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is situation then it greatest to collate as most of your statements as possible as well as your credit agreement to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if the undertaking the procedure yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first stairway. In the letter, state just why you believe you meet the requirements for PPI compensation. For example the fact in order to were not informed how the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI plan.
Many that make a compensation claim directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you comes up with an alternative variety.
To shorten your PPI refund and take the stress out belonging to the process an individual look make use of an efficient claims management company that only help you understand the process but may keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems together that minimise the hard work you have to apply to claim your PPI compensation. Mainly experts in the ruling from 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 confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated like a percentage of the PPI refund awarded. The best way forward is to go shopping for a no win, no fee provider. This will ensure that they will only get paid once you might have received the PPI compensation you are entitled to.