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 and other financial products. Despite lots of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted their money back. Since then the Financial Ombudsman and 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 would like.
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 ppi is to protect the lender from their client’s inability to repay 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 issue is not the PPI policy itself, nevertheless the mis-selling of the 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 deliver the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance an individual also do not recall being given a possibility to take the PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as most of your statements as possible employing your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold ppi check‘s
It is not unusual for banks to reject PPI claims. However, if are generally undertaking incorporate different marketing methods yourself writing a letter addressed towards lender you took out the credit agreement with is your first step. In the letter, state just why you believe you qualify for PPI compensation. Such as the fact in order to were not informed that the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI plan.
Many people who make an incident directly select the process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative capability.
To improve your PPI refund and take the stress out for this process an individual look cord less mouse with an efficient claims management company which don’t only help you understand the process but additionally keep you up to hurry every step of the way. Claims management companies know the procedure inside out and have systems into position that minimise the time and effort you to be able to apply declare your PPI compensation. They are also experts previously ruling generated by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as the percentage of the PPI refund awarded. Our recommendation is to look for a no win, no fee provider. Will certainly ensure which they will only are paid once you might have received the PPI compensation you are entitled to.