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 also financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the particular. 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 have to.
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 settle a loan, and in case sold correctly present you with a borrower with component of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, but the mis-selling of the insurance 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 conditions of the PPI policy.
If you research your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you 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 together with your credit agreement to oblige 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 notion yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first bit. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. Such as the fact a person can were not informed how do i know if i have PPI the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI package.
Many because they came from make an incident directly select the process, slow, time consuming and stressful. If you do not mind paying a small fee to secure a PPI refund you comes alternative option.
To facilitate your PPI refund and take the anxiety out for this process you look to utilize an efficient claims management company it doesn’t only aid the process but likewise keep you up to hurry every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the time and effort you should apply to claim your PPI compensation. They are also experts previously ruling from the Courts and ensure 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 like a percentage in the PPI refund awarded. The best way forward is to go shopping for a no win, no fee provider. Later . ensure that they will only receives a commission once you might have received the PPI compensation you are entitled to.