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 together with other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of the particular. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly impossible. Remember that the role of payment protection insurance is to protect the lender from their client’s inability to pay off a loan, and in case sold correctly present you with a borrower with section of mind that should their circumstances change they could call upon the policy. The problem is not the PPI policy itself, but 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 provide the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and you do not recall being given choice to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it greatest to collate as most of your statements as possible and your credit agreement to support 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 process yourself writing a letter addressed to the lender you took the actual credit agreement with is the first stairway. In the letter, state just why you believe you meet the requirements for PPI compensation. Like the fact a person can were not informed how do i know if i have PPI the PPI policy was optional or that you were not provided with the terms and types of conditions of the PPI policy.
Many people who make claims directly find the process, slow, time consuming and time-consuming. If you do not mind paying a little fee to have a PPI refund you offers an alternative option.
To speed up your PPI refund and take the stress out for this process might look cord less mouse with an efficient claims management company that will not only help you understand the process but will also keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems into position that minimise the wedding ceremony you to be able to apply declare your PPI compensation. They are also experts in the ruling from the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage in the PPI refund awarded. The best recommendation is to consider a no win, free provider. This will ensure that they’re going to only receives a commission once own received the PPI compensation you have entitlement to.