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 few of them were granted their money back. Since then the Financial Ombudsman along with 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 making the policies themselves “illegal” is highly unlikely. Remember that the role of ppi is to protect the lender from their client’s inability in order to a loan, and if sold correctly offering a borrower with section 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 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 types of conditions of the PPI policy.
If you research your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance a person do not recall being given alternative to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it is best ppi cpmpany to collate more of your statements as possible and 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 the undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first action. In the letter, state the grounds why you believe you meet the criteria for PPI compensation. Such as the fact in order to were not informed how the PPI policy was optional or you were not provided with the terms and scenarios of the PPI plan.
Many individuals who make claims directly get to the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you includes an alternative option.
To raise your PPI refund and take the anxiety out of this process might look the following an efficient claims management company it doesn’t only help you with the process but additionally keep you up to speed every stage. Claims management companies know the inside out and have systems in that minimise the wedding ceremony you require to apply declare your PPI compensation. They are also experts regarding ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated as the percentage of your PPI refund awarded. Our recommendation is to look for a no win, no fee provider. Could possibly ensure that they will only are paid once get received the PPI compensation you are entitled to.