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 several complaints being received by companies that the individuals took out their products with, initially only a number of them were granted your money back. Since then the Financial Ombudsman as well as 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 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 not possible. 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 joint of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, nevertheless 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 give the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given choice to take out the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it ideal for to collate as most of your statements as possible together with your credit agreement to aid 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 incorporate different marketing methods yourself writing a letter addressed to the lender you took out the credit agreement with is the first stairway. In the letter, state the reasons why you believe you are eligible for PPI compensation. Such as fact in order to were not informed how do i know if i have PPI the PPI policy was optional or you were not given with the terms and conditions of the PPI prepare.
Many people who make a compensation claim directly find the process, slow, time consuming and frustrating. If you do not mind paying a little fee to secure a PPI refund you comes alternative capability.
To shorten your PPI refund and take the anxiety out in the process you could look the following an efficient claims management company it doesn't only help you understand the process but will also keep you up to hurry every stage. Claims management companies know the inside out and have systems set that minimise the hard work you should apply declare your PPI compensation. Barrier experts the actual world ruling generated by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated like a percentage in the PPI refund awarded. The best way forward is think about a no win, free provider. Will certainly ensure that they may only get money once own received the PPI compensation you have entitlement to.