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Archive for tag: Claiming PPI – A Comprehensive Guide

Claiming PPI – A Comprehensive Guide

Claiming compensation for mis-sold payment protection insurance (PPI) is something that many people have already done. But, if you are unsure how to go about it or if you have a claim, take a look at Payment Protection Scotland's guide to making a claim…

I. Getting the facts straight!

Before you make a mad dash and ring the bank demanding your money back, you need to be doubly sure you have a claim. And so, you need to examine all the documents and statements for account that are classed as credit such as;

  • Store cards (yes, that store card for a high street shop could have PPI added to it)
  • Car finance loans and so on
  • Catalogue accounts
  • Credit card accounts
  • Loans, including personal, unsecured or secured loans
  • Mortgages - although PPI was not always attached to mortgages, there are some cases where the insurance sold was not appropriate
  • Any other account where you borrowed money

II. Knowing what you are looking for

PPI is a generic name for an insurance policy that promises or guarantees to cover repayments should you be unable to do so in the event of loss of income, through an accident, illness, unemployment and so on.

Some companies and lenders did call it PPI, but others gave the insurance policy its own name. Look out for 'card care' or 'unemployment cover' and so forth. If you find something but are not sure it PPI, then why not contact Payment Protection Scotland? We will be happy to advise you!

III. Remembering when and why you bought it…

This can be difficult for some people as they did not actually made a conscious or informed decision to buy! Some customers were told the policy was added to their account, others were given the impression it was compulsory and certainly not an optional purchase and others were effectively told that they application would be viewed more favourably if they went ahead with their purchase of PPI.

There are many other mis-selling reasons, why not call Payment Protection Scotland to find out what they are?

IV. Ask for your money back

If you do discover PPI on an account (don't forget, you could have more than one claim too!), then it is worth making a claim. In most cases, the bank or lender already know who they mis-sold PPI to and thus, they should honour claims without too much hassle.

But, there are times when the bank or lender will disagree with your claim, telling you that they are rejecting it. In this case, they do need to tell you in detail, why they are disagreeing and on what grounds they are refuting your claim.

You still have further course for redress of they say no, so why not contact Payment Protection Scotland for help? Make your claim today!