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 a few of them were granted a reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of the actual. 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 since it is policies themselves "illegal" is highly impossible. Remember that the role of payment protection insurance is to protect the lender their particular client's inability to pay off a loan, and in case sold correctly present you with a borrower with section of mind that should their circumstances change they could make use of the policy. The thing is not the PPI policy itself, however 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 to provide the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find the payment is charged every month for PPI insurance an individual also do not recall being given alternative to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate a lot 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 might be undertaking the process yourself writing a letter addressed to your lender you took the credit agreement with is the first activity. In the letter, state the reason why you believe you are considered for PPI compensation. Such as the fact which were not informed how to check ppi the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI prepare.
Many because they came from make claims directly select the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you has an alternative choice.
To speed up your PPI refund and take the stress out for this process you look to utilize an efficient claims management company that will not only support you with the process but will also keep you up to hurry every step of the way. Claims management companies know the inside out and have systems into position that minimise the time and effort you should apply to claim your PPI compensation. Barrier experts in the ruling by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won't guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage in the PPI refund awarded. Our recommendation is to consider a no win, free provider. This will ensure which they will only receives a commission once include received the PPI compensation you are entitled to.