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 several complaints being received by companies that the individuals took out their products with, initially only primarily them were granted a refund. 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 would like.
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 impossible. Remember that the role of payment protection insurance is to protect the lender their own client’s inability to settle a loan, and when sold correctly offering a borrower with joint 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 insurance 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 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 a person do not recall being given option to take the PPI policy you could be entitled to ppi claims scotland compensation.
If you believe this is the truth then it is best to collate as 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 isn’t unusual for banks to reject PPI claims. However, if you are undertaking the procedure yourself writing a letter addressed into the lender you took out the credit agreement with is your first activity. In the letter, state the reasons why you believe you qualify for PPI compensation. Such as fact you were not informed that the PPI policy was optional or you were not given with the terms and conditions of the PPI package.
Many individuals who make an incident directly get to the process, slow, time consuming and not that simple. If you do not mind paying a small fee to secure a PPI refund you comes alternative choice.
To raise your PPI refund and take the stress out in the process an individual look cord less mouse with an efficient claims management company it doesn’t only support you with the process but will also keep you up to hurry every step of the way. Claims management companies know notion inside out and have systems together that minimise the wedding ceremony you to be able 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 will not guarantee a beneficial result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated for a percentage of your PPI refund awarded. The best advice is to go shopping for a no win, free provider. This will ensure which they will only get money once you might have received the PPI compensation you are entitled to.