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 other financial products. Despite big 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 and the UK Courts have ruled in favour of customer. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly impossible. Remember that the role of ppi is to protect the lender from their client’s inability to repay a loan, and if sold correctly offer you a borrower with piece 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 policy 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 deliver the terms and types of conditions 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 a person do not recall being given option to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the then it is best to collate as many of your statements as possible employing 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 the procedure yourself writing a letter addressed towards lender you took the actual credit agreement with is the first stairway. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as fact a person can were not informed how the PPI policy was optional or that you were not given with the terms and conditions of the PPI package.
Many because they came from make an insurance claim 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 choice.
To improve your PPI refund and take the anxiety out in the process you look to use an efficient claims management company that wont only help you with the process but likewise keep you up to speed every step of the way. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the wedding ceremony you require to apply to claim your PPI compensation. They are also experts regarding ruling completed by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage in the ppi check refund awarded. One course of action is to go shopping for a no win, no fee provider. Could possibly ensure that they need to only get money once you have received the PPI compensation you have entitlement to.