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 thousands of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted a reimbursement. Since then the Financial Ombudsman along with the UK Courts have ruled in favour of the consumer. 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 since it is 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 when sold correctly present you with a borrower with little bit of mind that should their circumstances change they could make use of the policy. The thing 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 scenarios of the ppi Scotland policy.
If you review your 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 choice to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible and 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 into the lender you took out the credit agreement with is the first activity. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or that you simply were not given with the terms and types of conditions of the PPI policy.
Many people who make a compensation claim directly find out the process, slow, time consuming and stressful. If you do not mind paying a little fee to secure a PPI refund you includes an alternative alternate.
To improve your PPI refund and take the anxiety out of this process an individual look to utilize an efficient claims management company that only help you understand the process but furthermore keep you up to speed every stage. Claims management companies know the inside out and have systems together that minimise the hard work you should apply declare your PPI compensation. They will also be experts the actual world ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but won’t guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated for a percentage for this PPI refund awarded. The best way forward is to go shopping for a no win, free provider. This will ensure that they need to only are paid once include received the PPI compensation you are entitled to.