The mis-selling of ppi claim is considered to be one of the biggest scandals that has targeted individuals in the UK- who have taken out loans, credit cards various 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 and also 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 impossible. Remember that the role of ppi is to protect the lender from their client’s inability to get rid of a loan, and in case sold correctly offering a borrower with component of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, nevertheless the mis-selling of the policy 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 deliver the terms and conditions of the PPI policy.
If you review your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance as well as do not recall being given a possibility to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it very best to collate as of your statements as possible utilizing your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking the process yourself writing a letter addressed towards the lender you took the credit agreement with is your first action. In the letter, state the main reason why you believe you are eligible for PPI compensation. For instance 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 prepare.
Many because they came from make claims directly find the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you has an alternative variety.
To improve your PPI refund and take the stress out belonging to the process an individual look make use of an efficient claims management company that only assist you with the process but additionally keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the hard work you have to apply declare your PPI compensation. Won’t experts in the ruling from the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can increase 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 to be a percentage of your PPI refund awarded. Our recommendation is to look for a no win, free provider. Could possibly ensure which they will only receives a commission once include received the PPI compensation you have entitlement to.