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Archive for tag: Claiming PPI – back to basics

Claiming PPI – Back to Basics

Here at Payment Protection Scotland, we have been helping customers claim PPI compensation for many years now, going 'in to battle' on their behalf with a variety of banks, lenders and financial institutions across the UK.

Due to our experience and insider PPI knowledge, we know the pitfalls as well as what a roller coaster ride claiming PPI can be!

What is PPI and what am I looking for?

Payment protection insurance is abbreviated to PPI and is an insurance product that was sold to customers alongside their main product, whether that was a loan, credit card, mortgage, car finance etc.

However, if you are looking for PPI on a product you have bought, you might not see PPI written there because many banks and lenders called their PPI type product different names! So, what you are checking for is an insurance product that promises or guarantees that it will make the payments on the loan etc. should you be unable to do so.

How much could I claim…?

This depends on several factors, all of which we can talk through in more detail with you when you call us here at Payment Protection Scotland but, what can affect how much you could be entitled to in terms of PPI compensation is:

  • The number of accounts you have - many people who have claimed thousands in PPI compensation have more than one account that has PPI added to it. This means you are making more than one PPI premium payment per month and these soon adds up!
  • Credit card accounts - these are notorious for having very expensive PPI policies added to them and, the monthly premiums were often calculated as a % of the outstanding balance. If the balance of your credit card was always close to the limit, you may find that the amount of PPI compensation on its way to you could be a sizeable amount
  • Time - another factor that has a major impact on the amount of PPI compensation you could be entitled to claim is the length of time you have had the account or accounts. Clearly, the longer you have been paying PPI premiums the more you could be receiving back.

How do I claim?

You can claim PPI compensation back from your bank, lender or any other financial institution, telling them you think you were mis-sold PPI and give them the reason why. The bank should respond to you within 8 to 12 weeks.

Or, if you want help, then Payment Protection Scotland can help! We are an experienced and knowledgeable claim management company who can help you… why not call?