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 big complaints being received by companies that the individuals took out their products with, initially only that you'll them were granted your money back. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of buyer. 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 since it is policies themselves "illegal" is highly not likely. Remember that the role of ppi is how to check ppi protect the lender their particular client's inability to pay off a loan, and when sold correctly provide a borrower with component of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, however 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 give the terms and types of conditions 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 and you do not recall being given choice to take the actual PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as of your statements as possible and your credit agreement in order to your PPI refund claim.
A Long Fight for Mis-Sold PPI's
It is not unusual for banks to reject PPI claims. However, if you are undertaking the procedure yourself writing a letter addressed into the lender you took the credit agreement with is your first bit. In the letter, state the main reason why you believe you meet the criteria for PPI compensation. For instance the fact you were not informed that the PPI policy was optional or a person can were not provided with the terms and scenarios of the PPI prepare.
Many because they came from make a compensation claim directly find the process, slow, time consuming and irritating. If you do not mind paying any small fee to secure a PPI refund you includes an alternative alternate.
To speed up your PPI refund and take the stress out belonging to the process you look make use of an efficient claims management company it doesn't only help you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know notion inside out and have systems in place that minimise the time and effort you end up being apply to claim your PPI compensation. They are also experts in the ruling made by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage in the PPI refund awarded. The best recommendation is to consider a no win, no fee provider. This will ensure that they may only are paid once you have received the PPI compensation you are entitled to.