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PPI Mis-Selling – Letters from Lenders

Two years after PPI compensation payments started, 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. Today, eight years on since the first clutch of PPI compensation claims, banks and lenders are still being urged to contact customers to make sure that as many of their customers receive the money back that they are entitled too. But how do you know this is a genuine letter and not a 'marketing letter'?


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, a common vehicle for some less than scrupulous claim management companies used.

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

Advertising activities, such as unsolicited text messages or SPAM messages, have made many people wary of anything that mentions PPI or suggests they could be entitled to claim huge amounts of money.

Therefore, these letters had to:

  • Be free from marketing material as well as financial jargon
  • State clearly the letter contains important information and should be read carefully
  • Be clear that the customer may have been mis-sold PPI type policy
  • Inform the customer that as a result, they may have suffered 'financial loss' and may be entitled to compensation (also termed a 'redress')
  • Clearly emphasise that there is atime limitin 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 time limit is ticking down now! Have you made your claim for PPI compensation?

What can you do NOW?

  • Don't wait for the time limit nor the PPI deadline of August 2019 - 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?

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