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 thousands of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a reimbursement. Since then the Financial Ombudsman along with 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 impossible. Remember that the role of ppi is to protect the lender from their client’s inability to settle a loan, and when sold correctly present you with a borrower with piece of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the insurance plan 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 scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find which your payment is charged every month for PPI insurance as well as 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 situation then it is best 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 are generally undertaking notion yourself writing a letter addressed towards lender you took the credit agreement with is the first action. In the letter, state the grounds why you believe you qualify for PPI compensation. For instance the fact in order to were not informed that the ppi claims scotland policy was optional or a person simply were not provided with the terms and types of conditions of the PPI prepare.
Many that make an incident directly select the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you comes up with an alternative option.
To raise your PPI refund and take the anxiety out belonging to the process can look make use of an efficient claims management company that will not only help you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the inside out and have systems together that minimise the wedding ceremony you to be able to apply declare your PPI compensation. They are also experts in the ruling by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated like a percentage with the PPI refund awarded. The best recommendation is locate a no win, no fee provider. Helps ensure which they will only are paid once include received the PPI compensation you are entitled to.