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 and also financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. 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 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 since it is policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability to get rid of a loan, and if sold correctly offer you a borrower with little bit of mind that should their circumstances change they could make use of the policy. The issue is not the ppi Scotland 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 deliver the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find that a payment is charged every month for PPI insurance as well as do not recall being given an option to take out the PPI policy you could be entitled to PPI compensation.
If you believe this is the case then it very best to collate as of your statements as possible as well as your credit agreement to aid 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 lender you took the credit agreement with is the first action. In the letter, state the reasons why you believe you meet the requirements for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI package.
Many you also must be make an incident directly select the process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to secure a PPI refund you includes an alternative alternate.
To shorten your PPI refund and take the stress out in the process you could look the following an efficient claims management company that only help you with the process but likewise keep you up to speed every step of the way. Claims management companies know notion inside out and have systems together that minimise the wedding ceremony you have to apply to claim your PPI compensation. Mainly experts regarding ruling made 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 great result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated like a percentage for this PPI refund awarded. Our recommendation is to look for a no win, free provider. Will certainly ensure that they will only get paid once own received the PPI compensation you have entitlement to.