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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of buyer. 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 best ppi cpmpany policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender from their 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 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 give the terms and types of conditions of the PPI policy.
If you review your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance as well as do not recall being given choice to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it ideal for to collate a lot of your statements as possible together with 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 you are undertaking the procedure yourself writing a letter addressed to your lender you took the actual credit agreement with is your first action. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as fact which were not informed how the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI package.
Many you also must be make claims directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you offers an alternative variety.
To speed up your PPI refund and take the stress out for this process might look to use an efficient claims management company that will not only support you with the process but may keep you up to hurry every step of the way. Claims management companies know the inside out and have systems together that minimise the time and effort you have to apply declare your PPI compensation. Mainly experts regarding ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage of the PPI refund awarded. Our recommendation is to go shopping for a no win, no fee provider. Helps ensure which they will only get money once you might have received the PPI compensation you have entitlement to.