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 several complaints being received by companies that the individuals took out their products with, initially only primarily 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 have to.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold ppi Scotland policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender using their client’s inability to repay a loan, and when sold correctly provide a borrower with joint of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, nevertheless 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 offer you the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find which your payment is charged every month for PPI insurance and also you do not recall being given a possibility to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it greatest to collate a lot of your statements as possible together with 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 the undertaking carpet yourself writing a letter addressed to the lender you took out the credit agreement with is the first bit. In the letter, state just why you believe you qualify for PPI compensation. Such as fact in order to were not informed that the PPI policy was optional or that you simply were not given with the terms and conditions of the PPI law.
Many you also must be make claims directly select the process, slow, time consuming and irritating. If you do not mind paying a little fee to have a PPI refund you has an alternative capability.
To speed up your PPI refund and take the stress out for this process an individual look make use of an efficient claims management company that wont only assist you with the process but additionally keep you up to hurry every stage. Claims management companies know the inside out and have systems into position that minimise the time and energy you have to apply to claim your PPI compensation. They will also be experts in the ruling completed by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage of the PPI refund awarded. The best recommendation is think about a no win, free provider. This will ensure which they will only get paid once you have received the PPI compensation you are entitled to.