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 also financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of customer. 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 proper policies themselves "illegal" is highly not likely. Remember that the role of payment protection insurance is to protect the lender from their client's inability to settle a loan, and in case sold correctly supply you with a borrower with component of mind that should their circumstances change they could make use of 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 offer you the terms and scenarios of the PPI policy.
If you research your 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 an option to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is the case then it very best to collate as many of your statements as possible utilizing 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 you might be undertaking notion yourself writing a letter addressed to your 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. Like the fact a person can were not informed that the PPI policy was optional or that you were not given with the terms and types of conditions of the ppi claim law.
Many that make claims directly select the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you has an alternative alternate.
To raise your PPI refund and take the stress out belonging to the process an individual look to use an efficient claims management company that only assist you with the process but additionally keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems into position that minimise the hard work you end up being apply to claim your PPI compensation. They are also experts in the ruling completed by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated for a percentage for this PPI refund awarded. The best recommendation is locate a no win, no fee provider. Will certainly ensure which they will only are paid once you might have received the PPI compensation you have entitlement to.