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 along with financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only that you’ll them were granted a reimbursement. Since then the Financial Ombudsman and also the UK Courts have ruled in favour of buyer. 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 call for.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but proper policies themselves “illegal” is highly not likely. Remember that the role of ppi is to protect the lender from their 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 thing is not the PPI policy itself, but 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 conditions of the PPI policy.
If you review your credit card statements or loan agreements and find that a payment is charged every month for PPI insurance and you do not recall being given choice to take out the PPI policy you may well be entitled to PPI compensation.
If you believe this is the truth then it is best to collate a lot of your statements as possible employing 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 might be undertaking the procedure yourself writing a letter addressed to the lender you took the actual credit agreement with is the first step. In the letter, state the grounds why you believe you are eligible for PPI compensation. For example the fact which were not informed that the PPI policy was optional or a person simply were not given with the terms and conditions of the PPI policy.
Many that make claims directly run across process, slow, time consuming and not that simple. If you do not mind paying a high quality fee to have a PPI refund you offers an alternative option.
To improve your ppi claims scotland refund and take the stress out belonging to the process an individual look make use of an efficient claims management company that only help you understand the process but furthermore keep you up to hurry every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the wedding ceremony you to be able to apply declare your PPI compensation. Won’t experts previously ruling generated by the Courts and be sure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary all of which often be calculated to be a percentage of the PPI refund awarded. The best way forward is to go shopping for a no win, no fee provider. Could possibly ensure that they will only get paid once own received the PPI compensation you have entitlement to.