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

Archive for tag: Claim for PPI Compensation

Do You Have a Claim for PPI Compensation?

Perhaps a more appropriate question would be, why wouldn't your claim for PPI compensation be successful? Of the millions of PPI policies sold to thousands of customers over the span of many years, the vast majority of them were mis-sold.

This has resulted in what some people are calling the 'PPI Shambles'. PPI compensation is still being paid in huge amounts to customers of all major banks and lenders, and has been this way for 10 years or more. With the possibility of a PPI deadline June 2019, the question you should be asking yourself is 'why haven't I made my claim for PPI compensation yet?'.

Do you have PPI?

You may be thinking that the payment protection insurance (PPI) scandal doesn't affect you because you don't have a PPI policy.

However, let us consider for a moment the following questions;

  1. From the mid-1990s until the mid-2000s, did you take out a loan, credit card, mortgage, store card, car finance, or any other product in which you borrowed money?
  2. Are you certain you don't have PPI?

PPI was attached or mis-sold alongside all kind of financial products, and it was not limited to just one or two banks. The majority of banks and lenders in the UK are now paying PPI compensation to disgruntled customers for having mis-sold PPI to them - and you could be one of them.

Not always called PPI

PPI is a generic term, a name that describes what the policy does. Some banks, credit card providers and so on, called their product by a different name.

This is why it is important to carefully examine any paperwork you have that relates to making a PPI claim as it may be that you do have this kind of insurance on a product. Unless you are super-confident that you bought a policy under which you are covered, you will probably have a claim for PPI compensation.

If the bank says 'no'!

Many people assume that if the bank says no, that there is nothing more they can do. After all, the bank knows whether they mis-sold the policy or not…

But, the bank or lender can sometimes say they don't owe you compensation because they may not be interpreting the rules for PPI compensation against your claim in the right way.

If you are unhappy with their decision - they should send a written response to you as to why they won't pay you PPI compensation - then you can ask the Financial Ombudsman to look at your case.

Get help

Payment Protection Scotland can help you with your claim. We charge a fee for our professional service. Contact us today and get the ball rolling for your PPI compensation claim!


What do you Need to Make a Claim for PPI Compensation?

If you are thinking of making a claim for compensation for what you believe is a mis-sold payment protection insurance (PPI) policy, there are some key facts you need to know…

I. You need to prove the policy was mis-sold to you - following rules laid down in financial consumer law, if you believe any financial product was mis-sold to you, you need to show that this was the case. You need, in other words, to give reasons why you believe or know that the PPI policy was mis-sold.

II. There are many mis-selling 'reasons' - from not being made aware of significant exclusions to being told or made to feel that the purchase of PPI was compulsory, there are all kinds of reasons why it was a policy a mis-sold product.

III. Banks and lenders know who has PPI - even though many banks and lenders at the start of the PPI compensation saga professed to not knowing who had PPI and who didn't, it now seems that with the advent of electronic records that the banks and lenders do know who had PPI. If you cannot find your paperwork, ask your bank of the details.

IV. You can make a claim yourself - there is no need to work with a claim management company but this is your own decision. You can make a claim yourself or work with a company such as PPI Scotland. Like other companies who provide a service, we charge a fee.

V. You need to write a separate letter or completed a separate form for each PPI policy that was sold to you - even though you may have two or three PPI policies with the same bank, you may find that they ask you to submit separate claims. This is so they can look at each policy and decide if that policy was mis-sold or not.

VI. Check offers of compensation carefully - it is widely accepted that you should get every penny of your premiums returned to you, along with interest at 8% and any fees or costs associated with the policy. If you are unsure, ask PPI Scotland for help.

VII. All banks and lenders were involved - it is just the depth of involvement that will vary from one bank or lender to the next. For example, Santander added a significant sum to their PPI compensation fun in January 2016 but said they expected this to be their last addition. Larger banking groups such as Lloyds Banking Group, may have a way to go yet…

VIII. Payment Protection Scotland can quickly assess your case- giving you an idea of whether you have a claim or not within minutes. Isn't it worth giving us a call?