… or certainly take a long hard look to check you don't have
it!
When there is a mass campaign like the one associated with
mis-sold payment protection insurance (PPI), many people think that
it applies to everyone else except them.
For a start, they never would have agreed to PPI because…
Many people think they don't have PPI because no one asked them,
they weren't sold it etc. BUT this was a common mis-selling play
that many banks, lenders and building societies used to 'sell' as
many policies as possible, and watch the profits rise.
You NEED to be aware that it was sold to you, without you even
knowing in many, many cases.
It's not worth the hassle
The majority of claims are resolved in a timely fashion and
without too much stress or hassle. There are some claims that are
protracted and refused by the bank. There is one more avenue of
redress you can follow and that is the Financial Ombudsman
Service.
Who?
The Financial Ombudsman Service, or FOS for short, is the
company who regulates on arguments etc. between the customer and
the financial industry on ALL financial issues and products, not
just PPI.
It is probably true to say that the majority of people didn't
know FOS existed until the PPI mis-selling debacle surfaced! They
are inundated with PPI complaints but they have taken on extra
staff to deal with the complaints and are making good headway.
But, if the bank have said no, then surely there is not a
case?
Banks and lenders are trying very hard to hold on to as much of
their profits as they can; poor profit performance, even a loss,
can signal disaster for a bank. It makes them vulnerable to take
overs etc. and so they will want to avoid as much as possible,
giving money back to customers.
They do sometimes disagree with why the customer thinks they are
entitled to their money back and so say 'no'. Some people accept
this but others choose to have someone independent look over the
whole issue and make the final decision.
Can Payment Protection Scotland still help?
Yes we can. We can help you make a fresh claim or, of your PPI
compensation claim has been turned down by your bank, we can look
at you case and advise on the best way forward.
We do charge a fee for our service and our terms and conditions,
along with payment terms, can be found on our website or,
alternatively, call us!