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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. Since then the Financial Ombudsman as well as 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 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 unlikely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to pay off a loan, and when sold correctly offering a borrower with piece of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the 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 to provide the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find which your payment is charged every month for PPI insurance an individual also do not recall being given option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as most of your statements as possible employing 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 process yourself writing a letter addressed towards lender you took the actual credit agreement with is your first activity. In the letter, state the reasons why you believe you are eligible for PPI compensation. For example the fact you were not informed that the PPI policy was optional or a person simply were not provided with the terms and scenarios of the PPI law.
Many because they came from make a claim directly select the process, slow, time consuming and frustrating. If you do not mind paying any small fee to secure a PPI refund you comes alternative capability.
To shorten your PPI refund and take the anxiety out in the process might look make use of an efficient claims management company that wont only assist you with the process but will also keep you up how to claim ppi speed every step of the way. Claims management companies know the procedure inside out and have systems together that minimise the wedding ceremony you end up being apply declare your PPI compensation. They will also be experts in the ruling made by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated like a percentage for this PPI refund awarded. The best way forward is locate a no win, no fee provider. This will ensure that they may only get paid once you might have received the PPI compensation you have entitlement to.