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 together with other financial products. Despite a huge complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a reimbursement. 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 getting the money you’ve wasted in paying for a PPI policy you didn’t need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly extremely unlikely. 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 when sold correctly provide a borrower with little bit of mind that should their circumstances change they could make use of the policy. The problem 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 give the terms and types of conditions of the PPI policy.
If you review your 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 choice to take out the PPI policy you might be entitled to PPI compensation.
If you believe this is the case then it is best to collate as most of your statements as possible as well as your credit agreement to support 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 procedure yourself writing a letter addressed to your lender you took out the credit agreement with is the first stairway. In the letter, state the reasons why you believe you meet the criteria for PPI compensation. Such as the fact that you were not informed that the PPI policy was optional or you were not provided with the terms and types of conditions of the PPI law.
Many because they came from make a compensation claim directly run across process, slow, time consuming and irritating. If you do not mind paying a high quality fee to secure a PPI refund you comes alternative capability.
To improve your PPI refund and take the anxiety out for this process you look to utilize an efficient claims management company that only help you with the process but furthermore keep you up to speed every stage. Claims management companies know the procedure inside out and have systems into position that minimise the lots of time you require to apply to claim your PPI compensation. Won’t experts the actual world ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can inside the process faster, but will not guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage for this PPI refund awarded. One course of action is to consider a no win, free provider. Helps ensure that they may only receives a commission once own received the ppi claims scotland compensation you are entitled to.