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Archive for tag: 5 Frequently Asked PPI Questions

5 Frequently Asked PPI Questions

PPI was mis-sold on a huge scale. The product was expensive for the little cover that it offered but, it was the way in which it was sold that now means people are claiming their money back in droves - the tune of £300+ million per month.

Questions were asked and answered sought as to the how and why something of this scale could happen.


HOW did banks mis-selling PPI?

In the main, banks and lenders werenot fully explaining the policyto customers. For example, if you were self-employed, to claim on the policy you would have to shut your business down in the hope that your claim was one of the 15% successful ones made against the policy. Would you take that chance?

There were other mis-selling reasons - call the team at Payment Protection Scotland.

WHY did the banking industry culture add to the problem?

PPI was a product that the bank liked because for each sale they made a significant profit, up to 80% profit in some cases.

Employees or brokers selling the policies - either face to face or over the phone - were also making great commissions, adding as much as 67% on to the cost of the PPI policy making it an expensive but lucrative product.

Customers are now receiving the commission payments back too. Does this affect you? Give our team a call.

HOW do I make a claim?

You can contact your bank or lender direct and tell them that you believe you were mis-sold PPI. You can do this via letter or by completing a form they may have sent you.

You can get help and this will cost you a % figure of the final PPI compensation you claim back. At Payment Protection Scotland, we are specialists in helping people to get their money back.

We charge a fee for our service but with a remarkably high success rate, we are the go-to PPI claim company.

WHY has a PPI deadline been introduced?

The PPI deadline has been introduced, says the Financial Conduct Authority, to 'draw a line under the whole issue'. It also believes that by introducing a PPI deadline in August 2019 that customers who are yet to claim will make a decision.

It could flood the PPI compensation claim system and the figures released by the FCA already show that since October 2017, the number of successful claims has been higher than previous months.

HOW is the PPI deadline being introduced?

You have until 11.59pm on 29th August 2019 to lodge your PPI complaint about a policy that you believe was mis-sold to you before July 2017.

The friendly, experts at Payment Protection Scotland can help. Give them a call today!