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PPI Nuisance calls – Will the PPI Deadline Cause Them to Surge?

You may have noticed texts telling you to claim the thousands owed to you in PPI compensation. Or maybe you have received phone calls suggesting you make your claim for PPI compensation now.

Some may have looked part way convincing. For example, it may say something like "we have calculated you are owed £3,621.18p in PPI compensation" and so on.

These texts and phone calls relating to PPI have been a nuisance since the PPI scandal broke. They are from claim management companies who say they have your best interests at heart.

Professional and reputable claim management companies have a more responsible attitude to promoting their claim management services.

But back in March 2017, the media on hearing the announcement of a PPI deadline for August 2019, told us that these scam calls and irritating texts would explode and we would all face the nuisance that are PPI calls.

But has this happened?

The PPI Deadline Promotional Campaign

Alongside a deadline of 29th August 2019, the Financial Conduct Authority (FCA) has determined that in order for everyone to have the opportunity to claim their money back, there needs to be a massive promotional campaign.

This campaign is reputed to be costing £42 million, a bill being paid for by the banks and lenders responsible for the PPI mis-selling debacle.

There are top advertising agencies involved and we believe that the ideas are taking shape with the campaign expected to start soon.

This is because once the deadline is 'officially' announce, customers are being given two years within which to lodge their complaints.

As yet, there has been no significant surge in nuisance calls and texts but once the campaigns starts, it could bring confusion.

How Will the Deadline Work?

You can lodge you PPI complaint about mis-selling anytime between now and 29th August 2019. After this date, no new cases relating to PPI complaints that pre-date 2017 will be looked into.

In other words, they are drawing a line under historic mis-selling of PPI and any new cases that could possibly have happened in these last few months.

How Does the PPI August 2019 Deadline Effect Payment Protection Scotland Services?

As yet, it doesn't in relation to PPI compensation claims. We will continue to accept and pursue genuine PPI compensation claims we are confident the policy or policies were mis-sold to you.

We will continue to accept and lodge new PPI complaints up until the deadline of August 2019. After that date, we will no longer be able to lodge new complaints with banks and lenders.

Don't Miss Out!

Lodge your complaint about PPI compensation TODAY! Don't wait for the deadline.

How Were PPI Premiums Calculated on Catalogue Acounts?

This question and many others, answered by our expert team!

I have read that PPI was also a feature of catalogue accounts. I had at least two catalogues accounts but how do I go about making a claim for compensation, or even finding out if I have PPI?

Credit facilities on catalogues, as with store cards, were unwritten by a major financial company or bank. Who this is, isn't always immediately obvious as they used different names for credit facilities on different catalogues.

The first step is to check if you have any paperwork still relevant to those catalogue accounts. If you do, you may be able to see who provided the credit facilities and if there is PPI on the account.

Will I get a lot of money back on my catalogue PPI compensation claim?

This depends on a number of factors. It depends on how long you had the catalogue account for, how many catalogues accounts you had but also how much was outstanding each month on your account.

In most cases, PPI on catalogue accounts was calculated as a percentage of the amount outstanding, similar to how it was calculated on credit cards. This meant that the PPI premium was not a fixed amount each month.

You may find that if you used your catalogue on a frequent basis to purchase items, that the PPI compensation due could run into thousands.

Who do I make a claim against if the catalogue no longer exists?

Like all services and products, companies change them from time to time and so the catalogue you bought from several years ago no longer existsunder that name.

Catalogue companies were the broker, if you like, in the offering and management of your account. It was underwritten by major banks and lenders. There are very few, if any, independent financial companies in the UK and so eventually, through the chain, the account will eventually end up at one of the major British banks.

Part of our service is to help find who was responsible for your credit account on your catalogue. For that, we need as much information as possible.

I'm not sure I had PPI on my catalogue account. How do I check?

You can call the catalogue company and ask who is handling their PPI compensation claims and how you go about making a claim. They should give you this information.

If not, you can always call our team here at Payment Protection Scotland. We have helped thousands of customers to successfully claim back their money from mis-sold PPI on catalogues.

Exercise Your Consumer Rights – Claim PPI Compensation

Payment protection insurance - commonly known as PPI - is a financial product that will be forever known as the biggest mis-selling scandal ever to have rocked the British financial industry.

Within the UK, 24 financial firms are responsible for 96% of the claims with a variety of banks finding they have had to add considerable amounts of money to their PPI compensation pots - the Royal Bank of Scotland, for example, has added a reported £450million, while Barclays has added even more to its PPI compensation fund.

And why are banks adding funds to their compensation pots? Because customers are exercising their rights and asking for their money back - and you could be next in line to claim your money back with our help.

What is 'mis-selling'?

It is a phrase linked with PPI but what does it actually mean?

PPI was mis-sold for a variety of reasons but essentially, it means that it is not suitable for many people.

Customers who, for example, were;

  • self-employed or
  • retired or
  • suffering from pre-existing medical conditions

and were sold PPIwould not have been able to make a claimunder the terms and conditions of the PPI policy as they were not covered.

And some of these terms and conditions also present many mis-selling issues - significant exclusions, such as pre-existing medical conditions were not fully explained to customers. Thus, when some customers thought they were covered, they were not.

Make sure you exercise your consumer rights

PPI was mis-sold on a large number of products to thousands of customers. If you have had a loan, credit card, mortgage, car finance, catalogue account with any company - or any combination of any of these products -  contact Payment Protection Scotland.

How to claim your money back

You need to;

  1. Look through all your accounts on which you borrowed money- this means checking catalogue accounts, credit cards, loans and more. And check carefully as PPI was not always called PPI and neither will premiums always be obvious.
  2. If you find PPI, make a claim-even if you are unsure how or why it was mis-sold to you. The likelihood is it was mis-sold and you will be due to all your premiums back, and interest too.

Who we are

As a claims management company specialising in PPI compensation claims, we have helped thousands of customers to successfully exercise their consumer rights - and claim their money back.

We charge a fee for our service but offer our expertise on a no win, no fee basis. Interested? Call us!

Claim the PPI Compensation You Are Entitled to!

Since 2011, there have been a large number of articles in the media highlighting the mis-selling of payment protection insurance or PPI on loans, store cards, credit cards and mortgages.

We were all being encouraged to look at our credit agreements to see if PPI was part of the contract.

40% of People Have Done Just That

Nearly seven years to the date the first few PPI claims were made, around 40% of people entitled to make a claim for PPI compensation have done so.

That leaves 60% of customers with a claim yet to make one - are you one of them?

Not Always Easy to Spot

Looking at your credit agreement paperwork, you may find in difficult to see if you have been or are paying payment protection insurance because different lenders have different names for payment protection insurance.

Some store or credit cards, for example, called their PPI products 'card care'. Repayment protection insurance was also an oft-used name for payment protection insurance.

Mortgage lenders also had a variety of names for these products.

On looking at your credit agreement documentation, if you see a payment for repayment protection insurance you may have a form of PPI on the account.

What PPI Promised…

The basic idea behind payment protection insurance was that in the event you were unable to keep up repayments on your loan or credit card due to illness and not being able to work and so on, the PPI policy should kick in, and make the repayments for you.

But not all customers needed PPI. For example, some customers already had payment protection insurance policies in place, and didn't need another policy.

Some PPI policies were also limited in the cover, whilst others had a waiting time of three months or more before a claim could be made. All these limitations and instances of 'no cover' in the terms and conditions of PPI were not made obvious to the customer.

In some cases, some people were not asked or made aware that they had this type of payment protection insurance on their loan!

This mass mis-selling of payment protection insurance to customers across the UK now mean that customers are now claiming back money owed to them 'en masse'. Banks and other financial institutions have put aside an estimated billions of pounds to cover PPI compensation claims.

How we Help

We make sure that you have a claim for mis-sold PPI. We will then take your case forward, getting back all of your money. Why not talk to our expert team today?

PPI Myths in 2017

The mis selling of PPI on loans, credit cards and mortgages has had extensive media coverage. The product that we were told would cover us in the event we couldn't make loan repayments as a result of redundancy or illness was, for some people, of little or no use.

PPI policies were sold to customers on a series of myths and fallacies, with key information omitted from the conversation (if there was a conversation…).

Here are top five mis selling myths, and the facts that you need to know when you make your PPI compensation claim BEFORE the deadline of August 2019;

Myth 1 - Some banks and lenders told (or implied) to customers that the purchase of their 'own brand' PPI was compulsory.

Thefact is, that whilst your loan provider can insist you have some form of repayment protection insurance, it doesnot have to be their 'own brand' PPI product.

Myth 2 - Even if you have a PPI type policy in place, you must have a duplicate policy to cover that particular loan.

But thereality was that some customers already had an 'umbrella' income protection type policy which would have offered sufficient cover for the loan or credit card.

Myth 3 - you were more likely to be accepted for a loan if you took out the optional additional loan PPI policy.

Fact - No representative of a financial institution or bank should have implied or made it known to customers that they were more likely to be accepted for a product by taking out PPI. Credit facilities are offered on a credit rating system, rather than preference.

Myth 4 - everybody is covered!

Fact - this is not the case. For example, car insurance providers payout on an average of 80% or more of the claims made BUT PPI policies paid out on only it was 15% of claims made. Terms and conditions of loan PPI policies may not have been fully explained to you, so the 'employment benefit' part of the loan PPI would be useless, for example, to anyone who was self-employed or retired.

Myth 5 - banks will automatically pay back to you the loan PPI payments you have made!

Not true - as a customer, you must make a claim to your loan provider if you think you were mis sold PPI.

If you think any of the above has happened to you, then call Payment Protection Scotland today to see how we could help you.

PPI and Commissions Based Sales

As many customers are now finding out, they were mis-sold Payment Protection Insurance on their loan, mortgage or credit card.

Whist customers make compensation claims to reclaim premiums paid AND interest, there could soon be more compensation coming your way.

Selling commission-based products has been an issue for some people all along, and the ruling in the Plevin case has now been interpreted.

If the commission paid on the sale of PPI was higher than 50% and you were not told, you should be compensated.

How did mis-selling of PPI happening in the first place?

Profits and commission.

As a sales advisor for a bank, an employee would often receive an incentive payment if they sold various products.

This in itself is not a bad idea… if you need the product.

For some people with no savings and possibly employment that may be under threat, taking out a PPI policy or another insurance policy of this kind would be a sensible move.

Did you know...?
It was found that some financial institutions operated a 'first past the post' system in which the first 21 members of sale staff to reach a target would receive a £10,000 bonus

Where it went wrong with the selling of PPI was that advisors received large amounts of commission for selling it, meaning that the banks made staggering profits.

In fact, it has been estimated that at the height of the mis-selling, some banks were making up to 80% of their profits from PPI sales (Source: BBC money)

What measures are being put in place to stop this happening again?

The Financial Conduct Authority is clamping down on commission based sales within the financial industry.

According to one report, bank staff still feels 'under pressure' to sell products. Whilst commission based selling isn't a problem - after all, it acts as a incentive - it can cloud the judgement of an advisor to sell products to people that don't really need it.

Did you know...?
Sales staff at one financial firm could earn as much as £10,00 on top of their earning with commission-based selling of PPI.

If you have a loan, credit card or mortgage that you have taken out in the last 6 years or so, then it would be worth checking your documentation to see if you have PPI.

If you think you were unfairly sold PPI, you should claim PPI compensation.

Why not call out team for a no obligation chat?

2017 Re-Cap: PPI Mis-Selling – Letters from Lenders

In 2013/14, lenders and banks were told to send letters to their customers to highlight the fact that they may be entitled to make a compensation claim for mis-sold Payment Protection Insurance (PPI) on loans, credit card or mortgages.

Letter guidelines

The then Financial Services Authority - now the Financial Conduct Authority - issued a set of guidelines for the PPI letters to ensure that potential claimants did not dismiss it as yet another marketing letter.

Banks were heavily criticised by the leading consumer group 'Which?' for making the PPI mess worse with ineffective communication to customers.

Advertising activities, such unsolicited text messages or SPAM messages, have made many people wary of anything that mentions PPI or suggests huge amounts of money.

Therefore these letters had to be:

  • Be free from marketing material as well as financial jargon
  • State clearly the letter contains important information and should be read carefully
  • Clearly state that the customer may have been mis-sold PPI type policy
  • State that the customer, as a result, may have suffered 'financial loss' and may be entitled to compensation (also termed a 'redress')
  • Clearly emphasise that there is a3-year time limit in making a compensation claim from the date the customer receives the letter and that they need to carefully consider making a claim…

… And this means that if you received a letter back, the three-year time limit is close. Have you made your claim for PPI compensation?

What can you do NOW?

  • Don't wait for the three-year time limit - Check your account, statements, documentation etc. It may take time, especially if you have several credit accounts but it is worth investing the time NOW. If you see some form of PPI (it may have a different name), consider whether you agreed to this policy or, read the terms and conditions of the policy: are you covered?
  • You can contact your bank and/or lenders yourself or you can use a claims management company like Payment Protection Scotland.
  • We offer an effective service to help people make a PPI compensation claims. We charge a fee for this service, payable on successful completion of your compensation claim.

As an established PPI compensation claim specialist company, we have an enviable reputation for making successful claims on behalf of our customers.

If you decide to continue with us, then all you need to do is sign a few forms, sit back let us to do the chasing on your behalf!

Why not contact us, and see what Payment Protection Scotland could do for you?

PPI Customers Have Complaints Upheld by the FOS

Making a payment protection insurance (PPI) compensation claim involves you, as the customer, to prove you were mis-sold PPI on your accounts or products.

For the majority of customers, in Payment Protection Scotland's experience, this is a fairly straightforward process.

The mis-selling of PPI to customer in the UK was done in such a way, that the majority of customers find that their claim is successful.

Not the Whole Picture…

Unfortunately, some banks and lenders still find reasons not to refund PPI. In the event of this happening to any of our customers, we recommend that the case is taken to the Financial Services Ombudsman (FSO).

This is summary of one such case - the full version can be found on the FSO website as can other examples of complaints being both 'upheld' and 'not upheld'.

The customer decided to purchase the house of her grandparents. Her grandparents had been renting the property for some time and when the landlord decided to sell, the customer decided to buy the property with her grandparents still living in the property. The customer would be living elsewhere.

Hence, the customer arranged a mortgage with the bank making it clear she would NOT be living at the property. She purchased PPI, after completing the forms with the bank representative.

Unfortunately the customer, some time later, lost her job. She made an application under the PPI policy but was declined. The reason was that she was not living at the property and this was part of the policy's terms and conditions. On complaining to the bank, she was told the decision would stand.

She took her case to the FOS who looked at all the evidence and found in favour of the customer. Even though it was in the terms and conditions that she must be living at the property, this customer had made it clear to the bank representative that this would not be the case.

Although the bank had not recommended the policy to her, the representative was more than aware that she would not be living at the property and that the PPI terms and conditions would effectively exclude her from cover.

The bank was told to put things right and that meant compensation, ensuring the customer was put back to the financial position she would have been in had she not been sold PPI.

If you think you have a PPI claim, why not call us first to talk through your potential compensation case? We offer straightforward advice - call us now!

Why Does PPI Compensation Awards Vary?

We have all read the headlines and marvelled at some of the large payment protection insurance (PPI) compensation settlements customers have received.

But, just why are some of these compensation settlements so high when compared to the average pay out of £2,750?

PPI & Credit Cards

Many of the larger pay outs are around PPI policies on credit cards. There are several factors why PPI compensation can reach such large proportions:

I. TIME - many of the customers who have received five-figure sums in PPI compensation had their credit card over along period of timeand therefore, could have been paying out hundreds of pounds each year for the PPI policy.

II. NUMBER of credit cards - one customer who received a large pay out of over £65,000 hadmore than one credit cardand had also had these for a long period of time. These two factors combined meant that the compensation due soon totalled a large amount.

III. INTEREST - what does significantly boost PPI compensation is the application of interest andhow the premium each month was calculated. PPI premiums varied on credit cards as the amount a customer paid in PPI premiums each month depended on the outstanding balance. Hence, if you were up to the card limit and only paid the minimum each month, your monthly premium would be higher than if you paid it off. In this way, one business woman with two cards over many years which were often at their limit, received over £82,000 in compensation.

Why do credit card providers have such a large slice of the PPI compensation market?

Applications for credit cards were easy forms to fill in back in the economic heyday of the 1980s and 1990s, more so with the advent of easy credit with online applications.

Many applicants will not have noticed a small box at the end of the very small print that informed the customer PPI was available on their account.

Our Terms of Services - Clear, Transparent and Easy to Understand

Payment Protection Scotland's 'small print' is not small or hidden. We offer a fully transparent service and our terms and conditions are available on our website.

Our friendly customer service advisers will be more than happy to talk through the no win, no fee terms of service we offer.

We are a claims management company that specialises in making PPI claims on behalf of customers. We will assess your case and suggest the best way forward.

Contact us today for further information.

Could You Be in Line for MORE PPI Compensation?

The announcement of a PPI dealing of 29th August 2019 has sent a shock wave through the consumer organisations and lenders alike.

Banks wanted an earlier date whilst some consumer organisations didn't want a deadline at all. But, if the Financial Conduct Authority thought that imposing a deadline would be trouble-free, they were very much mistaken.

The deadline - what it means

The deadline means that anyone who wants to claim compensation for mis-sold payment protection insurance (PPI) has until 29th August 2019 to do so.

After this time, it will be too later to open a new case. This means checking NOW if you have a claim and if you decide to pursue compensation after being mis-sold this now infamous insurance policy, then you must do so before this date.

Cases that have been opened before 29th August 2019 but have yet to be resolved will continue in the system until the matter is settled, either in your favour or against. You can still refer the case to the Financial Ombudsman if you feel the decision being against you is unfair.

The deadline - one significant benefit to consumers

The deadline has been met with derision by many consumer groups. The only group who seems to have taken a more cautious 'it may be a good thing for consumers' is Citizens Advice.

However, the fast majority of consumer groups and financial market experts are saying that in their eyes, imposing the deadline is a premature move. This is because, they say, under less than half of the people who have and eligible claim for PPI compensation have yet to lodge their complaint.

If all these consumers decide to claim pre-the deadline date, the system will be swamped.

But, there is one golden ray in the announcement of the PPI deadline. And that is that the FCA has made their decision on how the findings of the Plevin Vs. Paragon case is to be applied.

You may re-call the Plevin case. The defendant argued that if she had known how much commission was being paid to the broker for arranging the PPI policy, she would have questioned the cost of it.

The court agreed and now, if the bank, broker or lender failed to disclose that more that 50% of the cost of PPI was in commission, you will now receive this money back too.

What should you do now?

Banks and lenders should be writing to you to tell you this new ruling.

But if you are ready to make your PPI compensation claim, you may need our help. Call us to find out more about our no win, no fee service.