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 a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. 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 having 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 because it’s policies themselves “illegal” is highly not possible. Remember that the role of payment protection insurance is to protect the lender from their client’s inability in order to a loan, and when sold correctly offer you a borrower with piece 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 insurance plan to the wrong type and often unsuitable clients. Often banks made it look as though a best ppi claims company policy was a prerequisite for a successful loan application and would fail 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 and also you do not recall being given an option to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the then it greatest 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 is not unusual for banks to reject PPI claims. However, if are generally undertaking carpet yourself writing a letter addressed towards lender you took out the credit agreement with is your first stairway. In the letter, state the main reason why you believe you are considered for PPI compensation. Like the fact that you were not informed that the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI policy.
Many people who make an incident directly run across process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you comes alternative alternate.
To shorten your PPI refund and take the stress out of the process might look to use an efficient claims management company that only support you with the process but likewise keep you up to speed every step of the way. Claims management companies know notion inside out and have systems together that minimise the hard work you have to apply to claim your PPI compensation. Mainly experts in the ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as the percentage in the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. This will ensure that they may only get money once own received the PPI compensation you have entitlement to.