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 thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of customer. 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender their particular client’s inability to get rid of a loan, and when sold correctly offering a borrower with joint of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, but the mis-selling of the protection 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 see the credit card statements or loan agreements and find the payment is charged every month for ppi claim insurance a person do not recall being given choice to take the actual PPI policy you might be entitled to PPI compensation.
If you believe this is situation then it is best to collate more of your statements as possible together with 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 claims. However, if you are undertaking the procedure yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first action. In the letter, state the reasons why you believe you meet the requirements for PPI compensation. Such as fact you were not informed that the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI law.
Many you also must be make claims directly run across process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you has an alternative variety.
To raise your PPI refund and take the anxiety out for this process can look to utilize an efficient claims management company that will not only help you understand the process but will also keep you up to speed every stage. Claims management companies know notion inside out and have systems in place that minimise the lots of time you require to apply declare your PPI compensation. They will also be experts previously ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated as the percentage of the PPI refund awarded. The best recommendation is to consider a no win, no fee provider. Could possibly ensure that they’re going to only are paid once you have received the PPI compensation you have entitlement to.
