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 big complaints being received by companies that the individuals took out their products with, initially only a number of them were granted reimbursement. Since then the Financial Ombudsman as well as the UK Courts have ruled in favour of the actual. 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 making the policies themselves "illegal" is highly not possible. Remember that the role of ppi is to protect the lender from their client's inability to repay a loan, and if sold correctly supply you with 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, nevertheless the mis-selling of the 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 provide the terms and types of conditions 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 a possibility to take the actual PPI policy you may well be entitled to PPI compensation.
If you believe this is circumstance then it greatest to collate as most of your statements as possible employing 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 incorporate different marketing methods yourself writing a letter addressed to your lender you took the actual credit agreement with is the first step. In the letter, state the reason why you believe you are eligible for PPI compensation. For instance the fact a person can were not informed that the PPI policy was optional or that you were not given with the terms and types of conditions of the PPI policy.
Many that make an incident directly find out the process, slow, time consuming and irritating. If you do not mind paying a small fee to secure a PPI refund you comes up with an alternative choice.
To raise your PPI refund and take the stress out for this process you look the following an efficient claims management company that will not only aid the process but additionally keep you up to hurry every step of the way. Claims management companies know the process inside out and have systems set that minimise the hard work you require to apply declare your PPI compensation. Mainly experts previously ruling from the Courts and will make sure that any qualifying claim is pursued with vigour.
Claims companies can increase the process faster, but will not guarantee keeping a positive result. The fees charged by claims management companies specialising in PPI refunds vary and they will often be calculated as a percentage with the PPI refund awarded. The best advice is to consider a no win, no fee provider. This will ensure which they will only earn once you might have received the ppi claims scotland compensation you are entitled to.