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Archive for tag: PPI 2018

Will 2018 The Year You Claim PPI Compensation?

Time has flown by and with 2017 coming to a close, our attention turns to the festive period and the New Year. But did you know, less than a quarter of people who make a New Year resolution stick to it for longer than a week?


Resolutions are about making changes and sticking to them takes commitment. But there is one resolution you can make that is easy to stick to: claiming PPI compensation.

Recognising what gets in your way when it comes to achieving your resolutions ensures that 2018 is the year that you finally claim back the thousands of pounds that could be owning to you…

PROBLEM 1 -  You are already busy

There doesn't seem to be a spare moment in the day and when you do find five minutes, it is at the tail end of the day when all you want to do is sit down and relax. The thought of wading through paperwork from past loans, credit cards, catalogue accounts, car finance and so on is not a welcome one and so, you put it offer for another day. Except that day never arrives!

The solution

Start small. Locate one batch of paperwork, one at a time and place them in an orderly pile. Or, if you don't have the paperwork, one phone call to PPI Scotland will save you heaps of time as we can do all the 'looking' for you. Just tell us who you know you had loans and credit with and we'll do the rest.

PROBLEM 2 - Tasks need to be prioritised

If you knew that there was a possibility of claiming thousands of pounds of your money back, would you make it a priority? Even though you know that this is a possibility, apathy and having a hundred and one other things to do gets in the way of finding the paperwork or making the phone call to PPI Scotland.

The solution: Decide on a time when you start your claim - and stick to it!

A 20-minute phone call with PPI Scotland is all it takes to turn your 'really must do that' moment into a 'wow! I could be owed money!' moment. As difficult as it may be, spending some time looking into whether you have PPI or not could be time that is rewarded. Compensation claims can range from a few hundred pounds to thousands.

And don't forget, the Financial Conduct Authority have set a deadline of August 2019 for ALL PPI compensation claims.  

Problem 3 - Today Vs. Sometime

There is also the notion of putting something off until the time you feel like doing it, or want to do it and so on. The problem is there is never a right time when it comes to doing somethings - like looking through the paperwork for evidence of PPI on your loan, mortgage and so on…

The solution: call Payment Protection Scotland right now for more information on our no win, no fee service.

The PPI 2018 Deadline – Everything you Need to Know

Heard there is a proposed PPI deadline but wondering if it affects you? Find out everything you need to know here…

What is PPI?

Payment protection insurance (PPI) was sold to thousands of customers at or around the time they took out a loan, credit card, store card, car finance and so on. In the vast majority of cases, the policy was of little, if any use to the customers.

Many people felt duped into buying it thus, when concerns were raised, it was found that banks and lenders had mis-sold the product to their customers. This led to the process of giving people their money back, something that has been happening since 2011.

The sums of money involved are truly staggering, with £22.5 billion already been returned to 12 million customers - and people are still making claims.

Why impose a deadline, then?

The City watchdog - the Financial Conduct Authority (FCA) - is planning on bringing the shutters down on PPI compensation claims. The suggested deadline date is spring 2018 for all compensation claims for mis-sold PPI to be made.

The FCA has been quoted as saying that they want to bring the PPI saga to an 'orderly conclusion'. What this means is ensuring that anyone who has a claim has every opportunity within which to lodge their complaint and seek compensation.

The exact date has yet to be decided but the FCA, along with consumer organisations are keen to ensure that the customer does not miss out.

The marketing campaign

On announcing the consultation on a proposed PPI compensation deadline in October 2015, the FCA were at pains to ensure that the customer would not be the loser. They said that alongside the announcement of a 2018 PPI deadline, there would be a robust and wide spread campaign to ensure that everyone who had a claim had all the information they needed.

Will this cause an influx of PPI cases?

It very well may do but this is no bad thing. It is important that anyone who was mis-sold PPI makes a claim to get their money back. As a claim management company, we also welcome the idea of a marketing campaign that clearly sets how to make a claim, and what to look for.

What you should do now

Not wait for any announcement of a 2018 PPI deadline but start your claim today. Most cases are simple and straightforward, taking only a matter of weeks to resolve successfully in your favour.

Why not contact Payment Protection Scotland today to see how we can help?