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 thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted their money back. Since then the Financial Ombudsman along with 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 call for.
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 ppi 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 component of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but 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 to provide the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given an option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it greatest to collate as of your statements as possible as well as 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 the undertaking the process yourself writing a letter addressed to the lender you took out the credit agreement with is the first action. In the letter, state the main reason why you believe you are considered for PPI compensation. Such as fact that you were not informed how the ppi claim policy was optional or that you were not provided with the terms and scenarios of the PPI plan.
Many people who make a claim directly find the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you comes up with an alternative alternate.
To speed up your PPI refund and take the anxiety out of this process you could look make use of an efficient claims management company it doesn’t only support you with the process but will also keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems together that minimise the hard work you should apply to claim your PPI compensation. Barrier experts the actual world ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as a percentage of your PPI refund awarded. The best way forward is to look for a no win, no fee provider. This will ensure that they’re going to only get money once you might have received the PPI compensation you are entitled to.