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 together with other financial products. Despite several 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 the actual. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender from their client’s inability in order to a loan, and if sold correctly supply you with a borrower with piece 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 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 deliver the terms and scenarios of the PPI policy.
If you see the credit card statements or loan agreements and find which the payment is charged every month for PPI insurance as well as do not recall being given option to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is circumstance then it is best to collate as of your statements as possible together with your credit agreement to oblige 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 carpet yourself writing a letter addressed to your lender you took the credit agreement with is your first activity. In the letter, state the main reason why you believe you qualify for PPI compensation. Such as fact which were not informed how do i know if i have PPI the PPI policy was optional or a person simply were not provided with the terms and conditions of the PPI policy.
Many you also must be make an incident directly find out the process, slow, time consuming and stressful. If you do not mind paying any small fee to have a PPI refund you comes up with an alternative capability.
To speed up your PPI refund and take the anxiety out in the process you could look cord less mouse with an efficient claims management company it doesn’t only help you with the process but will also keep you up to speed every stage. Claims management companies know notion inside out and have systems in that minimise the wedding ceremony you to be able to apply declare your PPI compensation. Barrier experts previously ruling made by the Courts and will ensure 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 they will often be calculated for a percentage in the PPI refund awarded. The best advice is think about a no win, free provider. This will ensure that they will only get paid once get received the PPI compensation you have entitlement to.