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 several 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 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 since it is policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender from their client’s inability to repay a loan, and if sold correctly offer you 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, but the mis-selling of the protection 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 review of your credit card statements or loan agreements and find the payment is charged every month for PPI insurance a person do not recall being given option to take the PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it greatest to collate as many of your statements as possible and your credit agreement to support 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 the procedure yourself writing a letter addressed to the lender you took out the credit agreement with is your first stairway. In the letter, state the reasons why you believe you are considered for PPI compensation. Such as the fact you were not informed that the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI package.
Many individuals who make an insurance claim directly run across process, slow, time consuming and time-consuming. If you do not mind paying a small fee to have a PPI refund you includes an alternative capability.
To raise your PPI refund and take the stress out for this process might look to utilize an efficient claims management company that only help you understand the process but will also keep you up to hurry every step of the way. Claims management companies know the procedure inside out and have systems set that minimise the time and energy you have to apply to claim your PPI compensation. Barrier experts in the ruling generated by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated like a percentage of the PPI refund awarded. The best way forward is to consider a no win, free provider. Could possibly ensure that they may only are paid once include received the PPI compensation you are entitled to.