The mis-selling of payment protection scotland 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 various other financial products. Despite several complaints being received by companies that the individuals took out their products with, initially only a few of them were granted a 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 getting 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 extremely unlikely. Remember that the role of ppi is to protect the lender from their client’s inability to pay off a loan, and if sold correctly present you with a borrower with piece of mind that should their circumstances change they could call upon 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 give the terms and conditions of the PPI policy.
If you review of 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 a possibility to take the actual PPI policy you may be entitled to PPI compensation.
If you believe this is the case then it ideal for to collate as many 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 the undertaking incorporate different marketing methods yourself writing a letter addressed to your lender you took the actual credit agreement with is the first stairway. In the letter, state the main reason why you believe you are eligible for PPI compensation. For example the fact a person can were not informed that the PPI policy was optional or a person simply were not given with the terms and types of conditions of the PPI law.
Many that make claims 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 comes alternative variety.
To raise your PPI refund and take the stress out belonging to the process an individual look to use an efficient claims management company it doesn’t only assist you with the process but will also keep you up to speed every stage. Claims management companies know incorporate different marketing methods inside out and have systems set that minimise the hard work you should apply declare your PPI compensation. Barrier experts previously ruling by the Courts and ensure that any qualifying claim is pursued with vigour.
Claims companies can have the process faster, but won’t guarantee a positive result. The fees charged by claims management companies specialising in PPI refunds vary and it will often be calculated as a percentage with the PPI refund awarded. Our recommendation is to look for a no win, free provider. Later . ensure which they will only get paid once get received the PPI compensation you are entitled to.