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 thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of buyer. 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 because it's policies themselves "illegal" is highly not possible. Remember that the role of ppi is to protect the lender their own client's inability to pay off a loan, and when sold correctly offer you a borrower with little bit of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, however the mis-selling of the insurance 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 offer you the terms and types of conditions of the PPI policy.
If you review of 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 alternative to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as most of your statements as possible together with your credit agreement to allow for your PPI refund claim.
A Long Fight for Mis-Sold PPI's
It is not 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 the first bit. In the letter, state just why you believe you are eligible for PPI compensation. Such as the fact which were not informed how to check ppi the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI plan.
Many people who make an incident directly find the process, slow, time consuming and not that simple. If you do not mind paying a little fee to have a PPI refund you offers an alternative alternate.
To facilitate your PPI refund and take the anxiety out for this process can look the following an efficient claims management company that will not only aid the process but furthermore keep you up to speed every stage. Claims management companies know the process inside out and have systems set that minimise the hard work you should apply declare your PPI compensation. Mainly experts in the ruling by the Courts and will ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won't guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated for a percentage of the PPI refund awarded. One course of action is to look for a no win, free provider. Later . ensure that they need to only earn once you might have received the PPI compensation you have entitlement to.