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 thousands of complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a refund. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of the particular. 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 would like.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender using their client’s inability in order to a loan, and if sold correctly offer you a borrower with joint of mind that should their circumstances change they could make use of the policy. The problem is not the PPI policy itself, however 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 provide the terms and types of conditions of the PPI policy.
If you take a look at credit card statements or loan agreements and find certain payment is charged every month for PPI insurance an individual also do not recall being given option to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the truth then it is best to collate as many of your statements as possible together with your credit agreement to allow for 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 incorporate different marketing methods yourself writing a letter addressed into the lender you took the actual credit agreement with is the first bit. In the letter, state the main reason why you believe you qualify for PPI compensation. Such as fact which were not informed that the ppi claims scotland policy was optional or that you were not given with the terms and types of conditions of the PPI package.
Many people who make an insurance claim directly find the process, slow, time consuming and stressful. If you do not mind paying any small fee to secure a PPI refund you has an alternative choice.
To improve your PPI refund and take the anxiety out of this process can look make use of an efficient claims management company that only help you understand the process but will also keep you up to speed every step of the way. Claims management companies know notion inside out and have systems into position that minimise the wedding ceremony you to be able to apply to claim your PPI compensation. They will also be experts the actual world ruling made by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and we intend to often be calculated for a percentage of your PPI refund awarded. The best advice is to go shopping for a no win, no fee provider. This will ensure that they may only get paid once you might have received the PPI compensation you are entitled to.