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 and other financial products. Despite several 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 along with 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold ppi claims scotland policies, but since it is policies themselves “illegal” is highly not possible. Remember that the role of ppi is to protect the lender their own client’s inability to get rid of a loan, and when sold correctly provide 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, nevertheless the mis-selling of the policy 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 conditions of the PPI policy.
If you review 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 choice to take the actual PPI policy you most likely are entitled to PPI compensation.
If you believe this is the case then it greatest to collate as most of your statements as possible employing your credit agreement to oblige your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It isn’t unusual for banks to reject PPI claims. However, if the undertaking the procedure yourself writing a letter addressed towards lender you took out the credit agreement with is your first activity. In the letter, state the grounds why you believe you are eligible for PPI compensation. For instance the fact in order to were not informed how the PPI policy was optional or that you were not provided with the terms and conditions of the PPI policy.
Many individuals who make a claim directly get to the process, slow, time consuming and irritating. If you do not mind paying a high quality fee to have a PPI refund you includes an alternative choice.
To raise your PPI refund and take the anxiety out for this process can look the following an efficient claims management company which don’t only aid the process but furthermore keep you up to hurry every stage. Claims management companies know the inside out and have systems into position that minimise the hard work you have to apply declare your PPI compensation. They are also experts in the ruling generated by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated as a percentage of your PPI refund awarded. The best advice is think about a no win, no fee provider. Later . ensure which they will only are paid once you have received the PPI compensation you have entitlement to.