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 together with other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted 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 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 proper policies themselves “illegal” is highly impossible. Remember that the role of ppi claim is to protect the lender from their client’s inability to repay a loan, and when sold correctly present you with a borrower with little bit of mind that should their circumstances change they could call upon the policy. The thing 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 offer you the terms and scenarios 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 you do not recall being given option to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is the truth then it is best to collate as of your statements as possible utilizing your credit agreement to support your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if you are undertaking the procedure yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first step. In the letter, state the main reason why you believe you are eligible for PPI compensation. For example the fact that you were not informed that the PPI policy was optional or you were not given with the terms and conditions of the PPI law.
Many people who make claims directly select the process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to have a PPI refund you comes alternative alternate.
To improve your PPI refund and take the anxiety out of the process you look the following an efficient claims management company that only assist you with the process but likewise keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems into position that minimise the time and energy you end up being 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 within the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated like a percentage for this PPI refund awarded. The best recommendation is to look for a no win, no fee provider. Could possibly ensure that they need to only are paid once get received the PPI compensation you are entitled to.