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 a huge complaints being received by companies that the individuals took out their products with, initially only primarily 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 getting the money you’ve wasted in paying for a PPI policy you didn’t have to.
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 likely. Remember that the role of ppi is to protect the lender using their client’s inability to get rid of a loan, and in case sold correctly present you with a borrower with joint of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, nevertheless the mis-selling of the insurance plan 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 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 a possibility to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it greatest to collate as most of your statements as possible and your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if the undertaking notion yourself writing a letter addressed towards lender you took the actual credit agreement with is your first step. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or you were not provided with the terms and conditions of the PPI plan.
Many that make a compensation claim directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you comes alternative variety.
To raise your PPI refund and take the stress out belonging to the process might look the following an efficient claims management company that will not only help you with the process but additionally keep you up to speed every stage. Claims management companies know notion inside out and have systems together that minimise the lots of time you should apply to claim your PPI compensation. Barrier experts the actual world ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside 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 of the PPI refund awarded. The best way forward is to consider a no win, no fee provider. Could possibly ensure which they will only receives a commission once you have received the ppi check compensation you are entitled to.