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 various 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 a refund. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the consumer. 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 since it is policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to pay off a loan, and when sold correctly provide a borrower with joint of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, nevertheless the mis-selling of the protection 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 conditions of the PPI policy.
If you review your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance an individual also 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 ideal for to collate as many 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 isn’t unusual for banks to reject PPI claims. However, if you might be undertaking carpet yourself writing a letter addressed towards lender you took out the credit agreement with is the first activity. In the letter, state the main reason why you believe you are eligible for PPI compensation. For instance the fact that you were not informed that the ppi claims scotland policy was optional or a person can were not given with the terms and conditions of the PPI prepare.
Many you also must be make an incident directly run across process, slow, time consuming and not that simple. If you do not mind paying any small fee to have a PPI refund you offers an alternative alternate.
To shorten your PPI refund and take the stress out for this process can look to utilize an efficient claims management company which don’t only aid the process but may keep you up to speed every step of the way. Claims management companies know notion inside out and have systems together that minimise the wedding ceremony you require to apply declare your PPI compensation. Won’t experts in the ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can make 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 as a percentage for this PPI refund awarded. The best way forward is to look for a no win, free provider. Helps ensure that they may only get money once you have received the PPI compensation you have entitlement to.