What you should expect When Making a Claim for PPI Compensation
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 together with other financial products. Despite lots of 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 along with 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 have to.
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 ppi is to protect the lender their own client’s inability to settle 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 thing 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 to deliver the terms and scenarios of the PPI policy.
If you take a look at credit card statements or loan agreements and find the payment is charged every month for PPI insurance and you do not recall being given alternative to take out the PPI policy you could be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate more of your statements as possible employing your credit agreement in order to 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 the procedure yourself writing a letter addressed to your lender you took the credit agreement with is your first activity. In the letter, state the reasons why you believe you meet the criteria for PPI compensation. For instance the fact that you were not informed that the PPI policy was optional or that you were not provided with the terms and scenarios of the ppi claim prepare.
Many people who make a compensation claim directly select the process, slow, time consuming and time-consuming. If you do not mind paying a small fee to secure a PPI refund you comes alternative alternate.
To raise your PPI refund and take the stress out of the process you look make use of an efficient claims management company that wont only assist you with the process but additionally keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems together that minimise the time and effort you require to apply declare your PPI compensation. They will also be experts in the ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can within the process faster, but won’t guarantee a confident result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage of the PPI refund awarded. One course of action is locate a no win, free provider. Helps ensure which they will only earn once you have received the PPI compensation you are entitled to.