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Have You Been Mis-sold PPI?

What is PPI?

Payment protection insurance (PPI) was a policy that was meant to protect you in the case that you could not make repayments on a loan due to loss of income, either through unemployment or sickness.

What is the problem with PPI?

It was not the golden ticket for the consumer that we thought it was but it was a path paved with gold for the banks, who made up to 80% profit per policy.


The customer, paying for a mightily expensive policy was not covered in a way that they thought they were… but no one knew this until someone pointed out how unfair the policy was.

As a result, thousands of customers found out how useless the PPI policy was. They found that they would have been unable to make a claim, especially in cases such as those who were self-employed or retired. Thousands of other policies were mis-sold for others reasons too.

Banks must now trawl through years' worth of records, find the people they mis-sold PPI to and invite them to make a claim.

What does this mean for you?

It means that if you can prove you were mis-sold PPI, you can claim your money back. This would include;

  • All premiums paid
  • Interest at 8%
  • Any fees and costs
  • Commission, if the amount paid was more than 50% of the cost of your PPI policy but you weren't told

"But, I don't have PPI!"

Many people who call us for advice will tell us they have received a letter, it looks genuine enough but how can they make a claim if they don't have a PPI policy.

The truth is simple - if your bank or lender has written to you, somewhere in the past you must have been paying for a PPI policy, you just may not have known it at the time, or now.

This is because some PPI policies were 'sold' to customers in a way that meant the customer had no idea they had bought it. It has simply been added to their account.

This was prevalent in cases where people applied for and were accepted for loans, credit cards and so on, online. The 'opt-in' box for PPI was already ticked at the bottom of the small print and thus, many people did not see it.

Neither were people made aware of the limited amount of cover it offered. In fact, the truth is that if someone had talked through the terms and conditions, highlighting what the policy did not cover, we doubt you would have bought it.

If you think you have a claim for mis-sold PPI why not let Payment Protection Scotland help you make a claim?

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