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 other financial products. Despite thousands of complaints being received by companies that the individuals took out their products with, initially only primarily them were granted reimbursement. Since then the Financial Ombudsman and the UK Courts have ruled in favour of customer. 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 wish.
Why is PPI Still Legal?
There may be thousands of complaints against mis-sold PPI policies, but making the policies themselves “illegal” is highly impossible. Remember that the role of ppi is to protect the lender using their client’s inability to pay off a loan, and when sold correctly present 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, however the mis-selling of the insurance 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 scenarios of the PPI policy.
If you review your credit card statements or loan agreements and find certain payment is charged every month for PPI insurance and also you do not recall being given an option to take the actual PPI policy you could be entitled to ppi claims scotland compensation.
If you believe this is the truth then it is the to collate as most of your statements as possible and 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 the procedure yourself writing a letter addressed to your lender you took out the credit agreement with is your first bit. In the letter, state the main reason why you believe you are eligible for PPI compensation. For instance the fact that you were not informed that the PPI policy was optional or that you simply were not provided with the terms and types of conditions of the PPI prepare.
Many you also must be make claims directly find the process, slow, time consuming and time-consuming. If you do not mind paying any small fee to secure a PPI refund you has an alternative option.
To raise your PPI refund and take the anxiety out for this process you could look the following an efficient claims management company it doesn’t only assist you with the process but additionally keep you up to hurry every step of the way. Claims management companies know the inside out and have systems into position that minimise the time and effort you require to apply declare your PPI compensation. Mainly experts regarding ruling completed by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can make the process faster, but will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated to be a percentage for this PPI refund awarded. The best advice is locate a no win, no fee provider. Could possibly ensure that they may only get money once get received the PPI compensation you have entitlement to.