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 big complaints being received by companies that the individuals took out their products with, initially only a number of them were granted a refund. 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 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 claims scotland policies, but making the policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender using their client’s inability to get rid of a loan, and when sold correctly supply you with a borrower with piece of mind that should their circumstances change they could call upon the policy. The problem is not the PPI 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 give the terms and scenarios 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 may well be entitled to PPI compensation.
If you believe this is circumstance then it is the to collate as of your statements as possible and 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 are generally undertaking notion yourself writing a letter addressed to the lender you took the actual credit agreement with is your first stairway. In the letter, state the main reason why you believe you meet the requirements for PPI compensation. For instance the fact in order to were not informed that the PPI policy was optional or a person can were not provided with the terms and conditions of the PPI plan.
Many because they came from make a claim directly select the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you comes up with an alternative capability.
To shorten your PPI refund and take the stress out of this process can look to utilize an efficient claims management company that wont only help you understand the process but may keep you up to speed every step of the way. Claims management companies know the procedure inside out and have systems together that minimise the wedding ceremony you end up being apply to claim your PPI compensation. Barrier experts in the ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a great 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 recommendation is to consider a no win, no fee provider. Later . ensure that they’re going to only get paid once you have received the PPI compensation you are entitled to.