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 together with other 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 reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of customer. 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 the circumstances policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and if sold correctly supply you with a borrower with joint of mind that should their circumstances change they could make use of the policy. The issue is not the PPI policy itself, however 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 deliver the terms and types of conditions of the PPI policy.
If you review of your credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and also you do not recall being given option to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is the case then it is the to collate as many of your statements as possible employing 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 scotland claims. However, if you are undertaking notion yourself writing a letter addressed towards the lender you took the actual credit agreement with is the first activity. In the letter, state just why you believe you are considered for PPI compensation. Such as fact you were not informed how the PPI policy was optional or you were not given with the terms and types of conditions of the PPI package.
Many individuals who make a compensation claim directly find the process, slow, time consuming and irritating. If you do not mind paying a small fee to have a PPI refund you offers an alternative alternate.
To improve your PPI refund and take the stress out of this process an individual look the following an efficient claims management company it doesn’t only support you with the process but furthermore keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems into position that minimise the time and effort you to be able to apply declare your PPI compensation. They will also be experts previously ruling generated 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 and will often be calculated for a percentage in the PPI refund awarded. Our recommendation is think about a no win, free provider. Could possibly ensure that they may only get money once get received the PPI compensation you have entitlement to.