Glasgow: 0141 844 0017 * Edinburgh: 0131 224 0094 * Lanarkshire: 01698 286 463

Do I Have a Claim for PPI Compensation?

Possibly one of the biggest and most frequently asked question in the UK, claiming compensation after being mis-sold payment protection insurance (PPI) is something that many people have already done. If you are yet to make a claim, you may be wondering how to go about making a claim or, if you have a claim for PPI compensation…

You were not aware you 'bought' PPI

This can be a tough one because if you don't know you have PPI, how can you possibly make a claim for compensation?

The banks were told by the regulatory authority, the Financial Conduct Authority, to write to their customers, informing them that they have PPI and that they may be entitled to claim their money back.

These letters were sent out from 2013 onwards. If you have received one of these letters inviting you to make a claim for PPI compensation but have no idea why the bank or lender has written to YOU, then you possibly do have PPI and a claim for compensation.

Don't dismiss any letter or email from your bank regarding PPI compensation.

BEWARE some less reputable claim management companies are muddying the waters, by also writing, emailing or texting people telling them they DO have a claim for PPI compensation. They sometimes include an amount of compensation to entice you further. These are 'fishing' texts and are not genuine.

You were over the age of 65 and not working

Many older people were sold PPI on the premise that should financial difficulties hit in retirement, that the payments on their loan, credit card and so on would be met by this amazing financial insurance product.

This is not the case as it was only of use to people aged between 18 and 65 who were employed for more than 16 hours a week.

Working part time when you were sold PPI? You could have a claim for compensation as it could be entirely possible that the policy was not suitable for your needs. In other words, check the small print and you may find it says you must be working 30 hours or more a week.

The loan was a joint one… but your PPI isn't

We have worked with many people who thought that because their loan was in joint names, their PPI policy would be too. After all, it would make sense that if the loan was based on your combined income, that the policy would cover you both.

Not so. The majority of PPI policies covered only one person. But this was not always made clear and neither was it made clear who was covered by the policy.

Do you have a claim?

These are just a few of the reasons why PPI could have been mis-sold to you. To find out wha other mis-selling reasons there are, call Payment Protection Scotland now.

Post a comment

Sorry, comments are closed