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 various other financial products. Despite big complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a refund. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the actual. 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 making the policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender their own client’s inability to repay a loan, and when sold correctly provide a borrower with section of mind that should their circumstances change they could call upon the policy. The thing 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 give the terms and scenarios of the PPI policy.
If you review of your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given alternative to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it very best to collate as most of your statements as possible utilizing your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject ppi claim claims. However, if are generally undertaking notion yourself writing a letter addressed into the lender you took the credit agreement with is the first action. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Such as fact in order to were not informed how the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI package.
Many people who make a compensation claim directly run across process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you comes up with an alternative choice.
To improve your PPI refund and take the stress out of the process you could look cord less mouse with an efficient claims management company that only assist you with the process but will also keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems in that minimise the wedding ceremony you have to apply to claim your PPI compensation. They are also experts regarding ruling by the Courts and 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 it will often be calculated for a percentage of your PPI refund awarded. Our recommendation is to consider a no win, no fee provider. Helps ensure which they will only receives a commission once you might have received the PPI compensation you are entitled to.