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 along with financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only primarily them were granted their money back. Since then the Financial Ombudsman and also 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 unlikely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability in order to a loan, and when sold correctly offering a borrower with piece of mind that should their circumstances change they could call upon the policy. The thing is not the ppi Scotland policy itself, however 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 give the terms and types of conditions 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 and you do not recall being given option to take the PPI policy you may be entitled to PPI compensation.
If you believe this is the then it is best to collate as most of your statements as possible and your credit agreement in order to 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 the process yourself writing a letter addressed to your lender you took out the credit agreement with is your first stairway. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Such as the fact you were not informed how the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI plan.
Many people who make a claim directly select the process, slow, time consuming and stressful. If you do not mind paying a small fee to have a PPI refund you offers an alternative option.
To speed up your PPI refund and take the stress out of the process you look make use of an efficient claims management company which don’t only support you with the process but may keep you up to speed every step of the way. Claims management companies know the process inside out and have systems in that minimise the time and energy you should apply declare your PPI compensation. Barrier experts in the ruling made 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 keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and will often be calculated to be a percentage of your PPI refund awarded. One course of action is to consider a no win, free provider. Later . ensure which they will only receives a commission once get received the PPI compensation you are entitled to.