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 and also financial products. Despite lots of 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 along with the UK Courts have ruled in favour of the consumer. 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 making the policies themselves “illegal” is highly extremely unlikely. Remember that the role of ppi is to protect the lender using their client’s inability to pay off a loan, and in case sold correctly provide a borrower with section of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, however 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 deliver the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given alternative to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is situation then it ideal for to collate as many of your statements as possible together with your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first step. In the letter, state the reason why you believe you meet the requirements for PPI compensation. Like the fact in order to were not informed that the PPI policy was optional or that you simply were not given with the terms and conditions of the PPI plan.
Many individuals who make a compensation claim directly find out the process, slow, time consuming and irritating. If you do not mind paying a little fee to secure a PPI refund you comes up with an alternative option.
To improve your PPI refund and take the anxiety out in the process can look cord less mouse with an efficient claims management company that will not only support you with the process but furthermore keep you up to hurry every stage. Claims management companies know the process inside out and have systems in place that minimise the time and energy you to be able to apply declare your PPI compensation. Mainly experts regarding ruling from the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated like a percentage for this best ppi cpmpany refund awarded. One course of action is to consider a no win, free provider. Could possibly ensure which they will only earn once get received the PPI compensation you have entitlement to.