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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a few of them were granted your money back. Since then the Financial Ombudsman and the UK Courts have ruled in favour of customer. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to pay off a loan, and if sold correctly offer you 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, 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 offer you the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and also you do not recall being given option to take the PPI policy you might be entitled to PPI compensation.
If you believe this is situation then it ideal for to collate as many of your statements as possible employing your credit agreement to aid 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 carpet yourself writing a letter addressed to your lender you took the credit agreement with is your first bit. In the letter, state the grounds why you believe you are considered for PPI compensation. For example the fact a person can were not informed how the PPI policy was optional or that you simply were not provided with the terms and scenarios of the PPI package.
Many that make an incident directly get to the process, slow, time consuming and frustrating. If you do not mind paying a small fee to have a ppi check refund you offers an alternative capability.
To improve your PPI refund and take the stress out of the process an individual look cord less mouse with an efficient claims management company it doesn’t only support you with the process but furthermore keep you up to speed every stage. Claims management companies know the inside out and have systems in place that minimise the lots of time you end up being apply to claim your PPI compensation. They will also be experts regarding ruling completed by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage with the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. Could possibly ensure that they need to only earn once own received the PPI compensation you are entitled to.