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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted your money back. 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly impossible. Remember that the role of ppi is to protect the lender their own client’s inability in order to a loan, and when sold correctly offering a borrower with joint of mind that should their circumstances change they could call upon the policy. The issue 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 and you do not recall being given alternative to take the PPI policy you might be entitled to PPI compensation.
If you believe this is the then it is the 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 isn’t unusual for banks to reject PPI claims. However, if the undertaking the procedure yourself writing a letter addressed into the lender you took the actual credit agreement with is the first stairway. In the letter, state the grounds why you believe you are considered for PPI compensation. Such as fact a person can were not informed that the PPI policy was optional or that you were not given with the terms and scenarios of the PPI policy.
Many you also must be make an incident directly find the process, slow, time consuming and frustrating. If you do not mind paying a little fee to have a PPI refund you comes alternative alternate.
To facilitate your PPI refund and take the stress out belonging to the process you could look cord less mouse with an efficient claims management company it doesn’t only support you with the process but may keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems set that minimise the hard work you should apply to claim your ppi claim 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 will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage for this PPI refund awarded. One course of action is to look for a no win, no fee provider. Could possibly ensure that they’re going to only earn once you have received the PPI compensation you have entitlement to.