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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted their money back. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of customer. As a client and a potential victim of mis-selling, your priority should be having 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 the circumstances policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender using their client’s inability to repay a loan, and when sold correctly present you with a borrower with component of mind that should their circumstances change they could call upon the policy. The thing 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 scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance an individual also do not recall being given alternative to take the PPI policy you may be entitled to PPI compensation.
If you believe this is circumstance then it very best to collate a lot of your statements as possible as well as your credit agreement to oblige 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 might be undertaking incorporate different marketing methods yourself writing a letter addressed towards lender you took the actual credit agreement with is your first step. In the letter, state the reason why you believe you qualify for PPI compensation. Like the fact in order to were not informed how do i know if i have PPI the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI package.
Many individuals who make claims directly find out the process, slow, time consuming and not that simple. If you do not mind paying any small fee to have a PPI refund you includes an alternative alternate.
To improve your PPI refund and take the anxiety out of the process an individual look to utilize an efficient claims management company that only help you with the process but furthermore keep you up to speed every stage. Claims management companies know notion inside out and have systems in that minimise the wedding ceremony you should apply to claim your PPI compensation. Barrier 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 won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as the percentage in the PPI refund awarded. The best advice is locate a no win, free provider. This will ensure that they will only get money once include received the PPI compensation you have entitlement to.