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 various other financial products. Despite several 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 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves "illegal" is highly not likely. Remember that the role of payment protection insurance is to protect the lender their own client's inability in order to a loan, and if sold correctly offer you a borrower with joint of mind that should their circumstances change they could make use of 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 give the terms and types of conditions of the PPI policy.
If you research 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 option to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is the case then it greatest to collate more of your statements as possible as well as 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 are generally undertaking the procedure yourself writing a letter addressed to the lender you took the credit agreement with is your first bit. In the letter, state the reason why you believe you qualify for PPI compensation. Such as the fact a person can were not informed how the PPI policy was optional or a person can were not provided with the terms and conditions of the ppi claim prepare.
Many people who make an insurance claim directly select the process, slow, time consuming and not that simple. If you do not mind paying any small fee to have a PPI refund you comes alternative choice.
To facilitate your PPI refund and take the stress out of this process might look to use an efficient claims management company that only help you understand the process but may keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems in place that minimise the time and energy you should apply to claim your PPI compensation. Barrier experts previously ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won't guarantee a great 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. One course of action is locate a no win, free provider. This will ensure that they're going to only get money once get received the PPI compensation you are entitled to.