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 a few of them were granted your money back. Since then the Financial Ombudsman and also 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 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 extremely unlikely. Remember that the role of payment protection insurance is to protect the lender from their client's inability to repay a loan, and when sold correctly present you with a borrower with joint of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, but the mis-selling of the policy 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 research your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance a person do not recall being given a possibility to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as most of your statements as possible employing your credit agreement to support 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 incorporate different marketing methods yourself writing a letter addressed to your lender you took the actual credit agreement with is the first bit. In the letter, state just why you believe you meet the requirements for PPI compensation. For instance the fact that you were not informed how to check ppi the PPI policy was optional or that you were not given with the terms and conditions of the PPI plan.
Many individuals who make a compensation claim directly get to the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you has an alternative capability.
To shorten your PPI refund and take the stress out of the process you could look to use an efficient claims management company that wont only support you with the process but additionally keep you up to speed every stage. Claims management companies know the process inside out and have systems into position that minimise the wedding ceremony you require to apply declare your PPI compensation. Barrier experts in the ruling completed by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as the percentage of the PPI refund awarded. One course of action is think about a no win, no fee provider. Helps ensure which they will only get money once include received the PPI compensation you have entitlement to.