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Archive for tag: PPI Action Plan

Your PPI Compensation Claim Action Plan!

We all needs goals and objectives to spur us on to take the right action so that we get where we want to be and, claiming compensation for mis-sold payment protection insurance (PPI) is no different.

And so, here we have created an action plan to help you claim back the compensation that you could be entitled to…

WHY claim PPI compensation?

It is your money that your bank decided to 'take from you' by persuading you that this was a great policy for you. In some case, the bank or lender didn't even bother trying to persuade you - they just added the policy to your account and you paid it.

Your PPI compensation action plan…

Task 1: finding out if you have PPI

Without knowing if you have the policy, you do not know if you have a claim and so missing out this first important task places you at a disadvantage. If it is found that you don't have PPI but have still submitted a claim, you could be accused of wasting time.

So, one evening when there is not much on TV and you have a few hours to spare, get out all the paperwork from the loft, under the bed and other hiding/filing places and look through all the paperwork with an eagle eye - you are looking for anything that promises to protect repayments on a loan, credit card etc.

Task 2a: Write to your bank/lender etc.

Whichever bank or lender has sold you the PPI is the institution you will write to in order to claim your money back. You will need to tell them that you believe that they have mis-sold PPI to you BUT, you need to give them a reason why.

In some cases, you may believe that they added it without your knowledge or, the letter you received telling you that PPI was being added to your account gave you no choice in the matter.

You might also want to point out that you did not know the narrowness of the PPI terms and conditions or that you were not made aware your existing medical condition was not covered…

There are all kinds of aggressive selling tactics that banks and lenders indulged in, in order to make a sale of PPI.


Task 2b: engage a claim management company to write your letter(s)

Many people engage the services of professional claim management companies, such as PPI Scotland to make PPI claim on their behalf. They do this for a few, so check their costs before you agree to anything but, in many cases, customers have been glad of the additional help as not all claims are straightforward.

We all lead busy lives so why not engage Payment Protection Scotland to make the claim for PPI compensation on your behalf?