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 lots of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted their 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender their own client’s inability in order to a loan, and when sold correctly offering a borrower with component of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, but the mis-selling of the insurance 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 provide the terms and conditions of the PPI policy.
If you see the credit card statements or loan agreements and find certain payment is charged every month for PPI insurance an individual also do not recall being given a possibility to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is the case then it very best to collate a lot of your statements as possible as well as your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if are generally undertaking the process yourself writing a letter addressed to the lender you took the credit agreement with is your first activity. In the letter, state the main reason why you believe you qualify for PPI compensation. Such as the fact a person can were not informed how do i know if i have PPI the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI prepare.
Many people who make an insurance claim directly find the process, slow, time consuming and irritating. If you do not mind paying a small fee to have a PPI refund you includes an alternative choice.
To shorten your PPI refund and take the stress out of the process might look to use an efficient claims management company that will not only aid the process but additionally keep you up to hurry every stage. Claims management companies know the process inside out and have systems in that minimise the time and effort you should apply to claim your PPI compensation. They are also experts the actual world ruling from the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated for a percentage for this PPI refund awarded. Our recommendation is to consider a no win, free provider. This will ensure that they may only get paid once you might have received the PPI compensation you have entitlement to.