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 various other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted your money back. Since then the Financial Ombudsman and 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but because it’s policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection scotland protection insurance is to protect the lender from their client’s inability to repay a loan, and if sold correctly supply you with 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, but 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 to deliver the terms and conditions of the PPI policy.
If you research your 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 the PPI policy you might be entitled to PPI compensation.
If you believe this is the then it very best to collate more of your statements as possible together with 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 carpet yourself writing a letter addressed towards the lender you took the actual credit agreement with is your first bit. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. For instance the fact which were not informed how the PPI policy was optional or that you simply were not provided with the terms and conditions of the PPI policy.
Many people who make an incident directly find out the process, slow, time consuming and frustrating. If you do not mind paying a high quality fee to secure a PPI refund you offers an alternative capability.
To raise your PPI refund and take the anxiety out of this process might look make use of an efficient claims management company which don’t only aid the process but additionally keep you up to speed every stage. Claims management companies know the inside out and have systems into position that minimise the lots of time you to be able to apply to claim your PPI compensation. They are also experts regarding ruling by the Courts and be 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 will often be calculated to be a percentage in the PPI refund awarded. Our recommendation is to go shopping for a no win, free provider. Could possibly ensure that they’re going to only are paid once own received the PPI compensation you have entitlement to.