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 lots of complaints being received by companies that the individuals took out their products with, initially only as well as other 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 policies, but since it is policies themselves “illegal” is highly not likely. Remember that the role of payment protection insurance is to protect the lender their particular client’s inability in order to a loan, and in case 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, however 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 to deliver 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 also you do not recall being given alternative to take the PPI policy you may well be entitled to PPI compensation.
If you believe this is situation then it is the to collate a lot 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 are generally undertaking incorporate different marketing methods yourself writing a letter addressed towards the lender you took the credit agreement with is the first step. In the letter, state the reason why you believe you meet the criteria for PPI compensation. Like the fact in order to were not informed that the PPI policy was optional or you were not provided with the terms and scenarios of the PPI plan.
Many that make an insurance claim directly select the process, slow, time consuming and not that simple. If you do not mind paying a small fee to have a PPI refund you offers an alternative capability.
To improve your PPI refund and take the stress out in the process you look make use of an efficient claims management company that wont only help you understand the process but likewise keep you up to speed every stage. Claims management companies know the procedure inside out and have systems together that minimise the time and effort you require to apply declare your ppi claims scotland compensation. Mainly experts in the ruling by the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but will not guarantee a positive 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 look for a no win, no fee provider. Could possibly ensure which they will only get money once get received the PPI compensation you are entitled to.