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 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 reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the consumer. 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 proper policies themselves "illegal" is highly unlikely. Remember that the role of payment protection insurance is to protect the lender from their client's inability to settle a loan, and if sold correctly offer you a borrower with section of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, however 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 offer you the terms and conditions of the PPI policy.
If you research your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and you do not recall being given a possibility to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the truth then it is best to collate more of your statements as possible employing your credit agreement to aid 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 are undertaking notion yourself writing a letter addressed towards lender you took the actual credit agreement with is the first step. In the letter, state the reason why you believe you are considered for PPI compensation. Like the fact you were not informed how the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI law.
Many because they came from make claims directly select the process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you includes an alternative variety.
To speed up your PPI refund and take the stress out in the process can look to utilize an efficient claims management company that will not only assist you with the process but may 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 lots of time you to be able to apply declare your PPI compensation. Mainly experts regarding 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 we intend to often be calculated as the percentage of the PPI refund awarded. The best recommendation is locate a no win, no fee provider. Could possibly ensure that they're going to only earn once you have received the ppi claim compensation you have entitlement to.