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Archive for tag: Common PPI Myths

One of The Most Common PPI Myths

There are many myths about the payment protection insurance (PPI) mis-selling scandal. Here we try and help you out, by explaining the most common PPI myth:

No Paperwork means No PPI Compensation Claim

Such a common myth, it is one which sees many people not even attempt to make a claim to get their money back from their bank, building society or lender.

Here Payment Protection Scotland explains that this is NOT the case…


Option 1: Look again!

Not many people keep all the paperwork for all accounts, especially if the accounts are now closed. But, looking again to find any piece of useful information that either you or Payment Protection Scotland can use in claiming back your money on your behalf would be a distinct advantage.

Account numbers, for example, are incredibly useful.

Option 2: Contact the lender

At one stage in the whole PPI mis-selling debacle, banks and other lenders were unwilling to help the customer and this meant they didn't freely give the information customers needed to claim their cash back.

However, times have changed. With various consumer organisation and regulatory authorities chomping at their heels, financial institutions are realising the error of their ways. In other words, they are now giving this information to consumers more readily than previously.

In fact, some banks and building societies are now encouraging customers to make claims, all in an effort to win back trust and a positive reputation.

Option 3: You receive a letter

Back in the spring of 2012, banks and other lenders were told by their regulatory authority that they needed to alert the customer that they may have been mis-sold PPI.

Many people will know have received this letter and if you have, you should use this opportunity - whether you have paperwork or not - to ask for PPI compensation if you are entitled to it.

Some financial bodies have included forms in this letter, which they invite their customers to complete and send back to them. This notifies them that you believed you have been mis-sold PPI and that they need to look into this, providing you with an answer, with an explanation.

UPDATE the deadline on these letters is due to expire very soon. If your bank has written to you, you must make a claim soon.

Option 4: Credit rating agencies

There are various credit rating agencies that gather and keep the financial information that is used to provide you with a credit score. Some of these agencies also keep records and details of any loans that you may have had in the past, including some of the details of the package such as interest rates and other financial products you bought alongside the loan, including PPI. There is a fee for this service.

Payment Protection Scotland can help you too! Why not call us to find out more?