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 along with financial products. Despite a huge 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 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender their particular client’s inability to pay off a loan, and when sold correctly provide a borrower with section of mind that should their circumstances change they could call upon the policy. The issue is not the PPI policy itself, nevertheless the mis-selling of the policy to the wrong type and often unsuitable clients. Often banks made it look as though a ppi Scotland policy was a prerequisite for a successful loan application and would fail deliver the terms and types of 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 and also you do not recall being given an option to take out the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it ideal for to collate as most of your statements as possible as well as 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 notion yourself writing a letter addressed towards the lender you took the credit agreement with is the first action. In the letter, state the reason why you believe you are considered for PPI compensation. Such as fact a person can were not informed how the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI policy.
Many that make an incident directly find out the process, slow, time consuming and not that simple. 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 anxiety out belonging to the process might look to utilize an efficient claims management company that will not only help you with the process but additionally keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems together that minimise the time and effort you to be able to apply declare your PPI compensation. They are also experts in the ruling generated by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but won’t guarantee a great result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as the percentage of your PPI refund awarded. The best advice is locate a no win, free provider. Could possibly ensure which they will only receives a commission once include received the PPI compensation you are entitled to.