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 and also 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 as well as 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 need.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly extremely unlikely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability in order to a loan, and if sold correctly offer you a borrower with section of mind that should their circumstances change they could call upon the policy. The thing is not the PPI policy itself, nevertheless the mis-selling of the 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 to provide the terms and types of conditions of the PPI policy.
If you see the credit card statements or loan agreements and find which the payment is charged every month for PPI insurance and you do not recall being given a possibility to take out the ppi claims scotland policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it very best to collate more of your statements as possible together with your credit agreement to aid your PPI refund claim.
A Long Fight for Mis-Sold PPI’s
It is not unusual for banks to reject PPI claims. However, if you are undertaking notion yourself writing a letter addressed towards lender you took the credit agreement with is the first bit. In the letter, state the grounds why you believe you qualify for PPI compensation. Like the fact you were not informed that the PPI policy was optional or that you were not provided with the terms and scenarios of the PPI law.
Many you also must be make a claim directly find the process, slow, time consuming and frustrating. If you do not mind paying a small fee to secure a PPI refund you comes 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 support you with the process but likewise keep you up to hurry every stage. Claims management companies know the inside out and have systems together that minimise the time and energy you should apply to claim your PPI compensation. Won’t experts in the ruling from the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated for a percentage in the PPI refund awarded. One course of action is locate a no win, free provider. Helps ensure that they need to only earn once you might have received the PPI compensation you are entitled to.