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 other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of customer. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but the circumstances policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender from their client’s inability to repay a loan, and if sold correctly supply you with a borrower with joint of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, but the mis-selling of the insurance 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 conditions of the PPI policy.
If you see the credit card statements or loan agreements and find the payment protection scotland is charged every month for PPI insurance and also you do not recall being given an option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the case then it greatest to collate as of your statements as possible employing 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 you are undertaking notion yourself writing a letter addressed towards lender you took the actual credit agreement with is your first bit. In the letter, state the reasons why you believe you are eligible for PPI compensation. For instance the fact you were not informed that the PPI policy was optional or that you were not provided with the terms and conditions of the PPI plan.
Many people who make an insurance claim directly find the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to secure a PPI refund you has an alternative option.
To shorten your PPI refund and take the anxiety out of this process might look cord less mouse with an efficient claims management company it doesn’t only support you with the process but likewise keep you up to hurry every stage. Claims management companies know the procedure inside out and have systems in that minimise the hard work you to be able to apply to claim your PPI compensation. Won’t experts in the ruling made by the Courts and make sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated as a percentage in the PPI refund awarded. The best way forward is locate a no win, free provider. Will certainly ensure that they will only receives a commission once own received the PPI compensation you have entitlement to.