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 several 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 along with 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 since it is policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to repay a loan, and when sold correctly offer you a borrower with section of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, nevertheless 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 give the terms and types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and also you how do i know if i have PPI not recall being given a possibility to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it ideal for to collate a lot 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 process yourself writing a letter addressed to your lender you took the actual credit agreement with is your first bit. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as the fact you were not informed that the PPI policy was optional or that you were not given with the terms and conditions of the PPI plan.
Many individuals who make an incident directly select the process, slow, time consuming and time-consuming. If you do not mind paying a little fee to have a PPI refund you offers an alternative alternate.
To speed up your PPI refund and take the stress out of the process can look to use an efficient claims management company it doesn’t only assist you with the process but likewise keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems into position that minimise the lots of time you to be able to apply to claim your PPI compensation. Mainly experts previously ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage for this PPI refund awarded. One course of action is to consider a no win, no fee provider. Could possibly ensure which they will only get paid once you might have received the PPI compensation you are entitled to.