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Archive for tag: PPI Claim Scotland

You, Your Bank and Your PPI Claim – What Happens if it all Goes Wrong?

The media and the Internet are full of success stories, of people claiming back thousands of pounds in PPI compensation.

As a policy it was mis-sold to thousands of customers, over a 10 to 15 year long period of time and yet, even though you think you have a good case and are owed compensation, the bank reject your claim.

However, before you put your claim to bed, there is one more place you can turn to - the Financial Ombudsman Service (FOS).

FOS deal with all kinds of complaints regarding financial issues between customers and banks, with PPI disputes being just one product that they are currently looking into on behalf of hundreds, if not thousands of customers.

But it will take some time.

Record number of complaints

The FOS have been inundated with cases referred to it by customers and claim management companies such as ourselves about PPI compensation claims. Every day, it says that 'thousands of people are still asking for our help in relation to PPI'.

However, before you take your case to the PPI you need to have given your bank every opportunity to compensate you the PPI monies you could be entitled to. What this effectively means is that you or a claims management company, submit a complaint for PPI compensation to the bank first; if you haven't done this, you cannot ask the FOS to review your case.

If you bank says no, and you think this is unreasonable, then you can submit your case for FOS to review it and make the final decision.

There are no guarantees of success but, out of every 10 cases, 7 are being upheld by FOS in favour of the customer. In other words, the bank is told they must compensate the consumer and, in some cases, are told how much too.

Currently, it is taking around 12 months for FOS to get round to review an individual case and they are handling complaints in the chronological order that they arrive. Although this seems a long time to wait, their staff are highly trained and skill case handlers who are currently making good progress in helping people claim the money they are entitled to.

In 2013, the FOS sorted out 400,000 PPI complains for consumers, double the amount of cases it processed in 2012.

What this means for you, our customers

If your bank does say no, or disputes your case, then there is light and help at the end of the tunnel and here at PPI Scotland, we will do everything we can to get you the compensation you are entitled to.

The ‘do’s and don’ts’ of Making a PPI Compensation Claim…

Some people seem to claim back their PPI compensation with ease, and yet others find that what they thought would be a claim that would be solved quickly, have one of the longest, most protracted cases that ends up with the Financial Services Ombudsman making the final decision.

Are there 'do's and don'ts'? Can you do anything to make your case run smoother?

DO gather as much information as possible

Here at Payment Protection Scotland, we find that a common stalling block is when information is scant. This is not surprising as some claims are on accounts that are closed or the original paperwork lost. There are ways and means of finding out the information but this does add time to your claim.

DO insist on your bank or lender giving you the information

At the start of the compensation process some years ago, banks and lenders were reticent about giving out information as they were, in effect, giving you the proof you needed to get your money back - and hence, decrease their profit pot. However, things are getting better and banks are realising that the issue of trust is important; customers are not trusting banks like they were and therefore confidence in the UK banking industry is at an all-time low.

If the bank says it does not have the information, apply pressure and insist they do give you the information as they do have it, hidden away…

DO seek help

Don't be afraid to ask for help. There are many consumer organisations and online forums that are full of ideas, hints and tips when it comes to any stickier parts of the PPI compensation claim process.

Some people choose to turn to a professional claim management company such as Payment Protection Scotland for help and advice in claiming PPI compensation. Like other professional services, we do charge a fee for this and for some people, this is the best way forward.

DO check out the claim management company and their 'claims'

Some companies claim to have a 100% 'pass rate' when it comes to PPI compensation and other make all kinds of claims and guarantees. However, if they ask for money up front then you really do need to check that this company are who they say they are!

The majority of claim management companies that are reputable, operate on a no win no fee basis; in other words, you do not make any payments up front and you pay the bill when you have received your PPI compensation - and not before.

DON'T give up!

If you know you have a claim, but the bank say no, then do not give up. Take your case - with the help of Payment Protection Scotland - to the Financial Ombudsman Service. Many people have seen their dogged determination pay off in the end…

Has Anything Really Changed When it Comes to Selling Financial Products to Customers?

The mass and whole scale mis-selling of payment protection insurance (PPI) to customers has thrown up a whole new debate about how banks and lenders sell to customers. Routine 'sales' were questioned and now, changes are being implemented to safe guard the customer…

Emotional decisions vs. rational decisions

Purchases of all kinds are an emotional decision; customers did not see themselves, in many cases, as 'buying' loans, credit cards, mortgages etc. but that it exactly what was happening. Customers were buying a product and it was an emotional decision…

Banks and lenders, like all other businesses, know this and so they took advantage of the situation, offering various additional products that would enhance the customers experience; with financial products for example, they would often ask how would you cover repayments if you were no longer working etc.?

They would then offer you a 'magic' product that for a few extra pence a month, would make sure that you would not end up in financial problems if you did lose your job. You were hooked and you bought the product…

Advised sales - setting out the reasons why

And so, the lines between suggesting a product and an advised sale were blurred. If you take out a loan with a bank, you do not need to take on any other additional product.

It may be a good idea; it may be a wise and prudent move if you know your job is looking a little shaky in the future etc. It would seem a responsible thing to do BUT, you still do not have to buy the banks' own product.

Like car insurance, you CAN shop around and get the right deal for your current circumstances.

If, however, the bank insist that as part of the package that their own product is the one you must have, then they must clearly tell you why - and not just verbally; they must set this out in writing and clearly show the reasons why, as part of this package, their policy is not the best, butthe right one for you at this time.

Breathing space

Consumer law is clear; you have 14 days from signing the agreement to change your mind. With loans, and in particular, PPI this was not made clear. Customers also thought that this law did not apply to financial products, but it does…

But now, the Financial Conduct Authority, along with various consumer groups have worked with ban to introduce a breathing space within which products in addition to the main product -t he loan or mortgage, for example - cannot be offered.

Customers are to be given time and space to consider the man product before they are offered any other products; they are to be given ALL the information to make an informed decision. And they are not be badgered or hoodwinked.

Practices have changed BUT, if you think you have a claim for PPI compensation act now by calling Payment Protection Scotland.

Days, Weeks, Months and Years – They all add up!

And so does PPI if you have been making payments on a loan, credit card etc. when you really didn't need to be!

We all think that when we seek advice and guidance, especially from a well-known and trusted bank, that we will be advised about the right thing. But, back in 2006, a lone individual disagreed with his bank and refused to pay for a product he said he didn't need.

What happened next was beyond comprehension; no one thought that the banking industry in the UK would be rocked to its very foundations by something like this.

What was it? Mis-selling of a product names payment protection insurance (PPI).

Do you have it?

The answer is yes, you probably do. It was a product that was added or sold to you either at the time you took out a loan or, in many cases, after you had signed on the dotted line.

You may recall agreeing to pay a monthly amount but when the paperwork came through, you may have been surprised to see you were paying more. Or, you may have received a letter that simply said, 'we have added this great product to your loan! It will make repayments if you cannot etc…'

You could have been paying for something that was of no use to you but that did not matter to the banks; they were making monster profits and people 'selling' it to customers were also revelling in large commissions.

Fight back!

It is your money so you need to get it back. However, the way consumer law works in the UK is that you, the consumer, must prove that you were mis-sold the product.

There are so many mis-selling 'reasons' that it is hard to list them all here but here are a few…

Those people who were unemployed or retired when they were sold the PPI policy were not covered by its terms and conditions.

If you had a pre-existing medical condition, the likelihood is that this was not covered so you were paying thinking that if you were off work for any length of time due to that illness, you were covered. Wrong!

You were advised it was the best policy for you and your circumstances… without actually being told why or having this in writing from the bank or lender.

What you MUST do now!

Without letting the clock tick away any more, you simply must get your money back. You can do this yourself, by writing to your bank telling them why you think you were mis-sold PPI and you want all of your money back.

Or, like many other people, you can ask someone else to do it on your behalf, but you need a company that is experienced and genuine in making PPI claims; weareone of those companies! Contact us


PPI - Right of Wright

Claiming back PPI premiums need not be stressful or take a long time, providing you know the right and wrongs of getting your money back.

Take a look at our quick "PPI Right or Wrong Guide":

You need a claim management company to claim back your money?

WRONG! Many companies were set up in the aftermath and carnage of the publicity surrounding the revelation mis-selling of payment protection insurance (PPI) but not all of them followed a protocol or guidelines. Some submitted claims, perhaps mistakenly thinking the customer was entitled to make a claim. Here at Payment Protection Scotland, we have a robust assessment process meaning we only carry forward cases we know are genuine claims for PPI. You can make a claim yourself but some people prefer a company to do it on their behalf - you need to be aware companies do charge a fee for this service.

You must prove you were mis-sold PPI?

RIGHT! It is not a case of ringing up and expecting a cheque the nest day. However, it is not the bank calling the shots in this case but consumer law that we have here in the UK, to protect both the consumer (YOU!) and the seller (in this case, the banks). There are many reasons why people were mis-sold PPI from the bank knowing it was not suitable - e.g. selling it to a business customer they knew was self-employed - or giving the impression that applications were more likely to be accepted IF the customer bought PPI etc.

Claiming back PPI takes a long, long time…?

WRONG! Straightforward cases of mis-sold PPI can be resolved quickly, and without too many problems. For other customers, it can take a little longer. This can be for a variety of reasons from the heavy burden of PPI cases a particular bank may be sifting through, to the accounts and case is more complex for a variety of other factors. However, don't be put off; some people have had a 'fight on their hands' as the saying goes, but they won in the end.

I can buy anything I want with my PPI compensation!

RIGHT! Once you receive your PPI settlement, you pay our invoice, the rest is down to you as to how you spend, save or invest it. Some people with outstanding debts with the bank may find that PPI compensation pays off these debts and they are left with a smaller PPI sum than they originally thought. But being debt-free is just as good.

I can contact PPI Scotland to help me?

RIGHT! Why not call us now?

How Much Can I Claim?

We are asked so many questions about payment protection insurance (PPI) and how much money customers could potentially claim back and so we thought we would answer some of those questions here!

Read on and if you think you have a claim for PPI compensation why not call us to find out more?

Is there a limit on how much I can claim?

No, there is no minimum amount to claim and no maximum that can be claimed. The 'average' claim is around £2,750 but some customers have claimed much more, whilst others have claimed less.

Why is the average figure £2,750?

This is a calculated figures, recognised as a result of the value of the many thousands of policies sold across the UK and the number of policy holders it affect. This is why this figure will change.

How much can I claim back on my credit card?

Credit card PPI compensation payments tend to be a less than loans or mortgages, simply because the amount lent to people tends to be lower; limits on credit cards, for example, hoover around the £2,000 to £3,000 mark although some people have a higher limit.

But, how come some people are claiming back high amounts on their credit cards?

When it comes to credit cards, the amount you claim back will depend on:

i. How long you have had the credit card for

ii. How many credit cards you have

iii. The interest applied to the credit cards balance and PPI needs to be accurately calculated

Those people who have claimed huge PPI compensation pay outs had more than one credit card, which they had active for over 10 years with the limits across the cards being reached or, for many people, exceeded the limit. The addition of interest also significantly increased their PPI compensation claim.

If I am in debt, what happens? Can I still claim?

Yes you can! If you have PPI on your loans, credit cards etc. this will, in all likelihood, have contributed to your debt issues. PPI is known to have been expensive and over-priced for the cover it offered, meaning that the monthly payments people were making on loans etc. were very high.

If you are in arrears with a lender, the amount of PPI they owe you will first be applied to the amount you owe and you will then receive the rest. In our experience, people in debt still receive a lump sum that is very welcome!

How much does it cost?

With Payment Protection Scotland, making a successful claim will cost you 25% of the final settlement amount you receive. 

The Top 5 PPI Mis-selling Reasons!

PPI adverts are everywhere; advice tells you how to claim and where to claim, as well as why you should claim back PPI compensation but, what they don't say is that to make a successful claim you have to prove you were mis-sold it in the first place!

Luckily, Payment Protection Scotland is here to help and we have compiled the top 5 mis-selling reasons BUT, only use the reason or reasons that apply to your case!

In reverse order…

Just making it on the list at number 5 is those policies that were sold to people who wereself-employed, retired or unemployed when they took out the loan.

Effectively the policy would have been worthless as the policy only really applied to people who were employed; making a claim under self-employment meant closing your business not something that many people needed to do or wanted to do in the case of short term illness.

Nudging at number 4 was the selling of the policy to people withpre-existing medical condition… and NOT being told that they were NOT covered!

Would have been a nasty surprise if you had attempted to claim for if you were unable to work for any length of time, thinking you were being financial prudent, only to find it was a complete waste of your money.

Middle of the list at number 3 was the selling of PPI as acompulsory product!

Never has been. In fact, when you apply and buy a loan the law currently says that you do not need to buy or do anything else, other than pay your monthly premiums. After January 2005, if you were sold PPI on the premise it was 'strongly recommended' do you have the reasons why in writing? If not, this is mis-selling.

Nearly at the top at number 2 was the'not fit for your circumstances'

Until as recent as 2009, some PPI policies were old as single premium; you paid upfront for something that was useless and, not only that, did not last as long as your loan. So, thinking you were covered in year 10 of your loan, you may have had a nasty surprise to find the cover only lasted until year 5…

But topping the chart at number 1 is not knowing you had PPI in the first place!

Can you believe that people were duped in 'buying' PPI by a single, tiny pre-ticked box at the end of the application form? In other cases, PPI was added after the main selling event although some banks were thoughtful and wrote to you later…

Claim back YOUR PPI compensation with Payment Protection Scotland - call us to find out more!


Start 2014 With an Unexpected Windfall!

Claim back PPI!

The festive season is linked over-indulgence in terms of spending money, as well as eating and drinking far too much. As a consequence, January (and sometimes February!) are lean months financially with many people sat wondering, as they finish the last of Christmas chocolates, how they can come through this lean period unscathed.

If you have not claimed back PPI, then January might be the month that you do:

  1. Check credit cards, loans, store cards, mortgages etc. for hidden insurances - it may have been added without you knowing
  2. Even if you rejected PPI at the time you took out your loan etc., many banks and lenders have added the insurance product a short time after, failing to notify you as well as possibly burying the premium within the monthly payment you were making
  3. The personal loan you bought may have been a good deal, with an excellent interest rate but, lurking in the background was the hidden danger of PPI; adding a large amount to your overall debt, with interest whacked on top, you were now paying over the odds for a product that you not only did not want, but was also useless
  4. People who were are self-employed or retired - students too - would not have been covered under the terms of PPI and, in some cases, the terms and conditions were so narrow and restricted that it presented the customer with a ridiculous set of options in order to make a valid claim
  5. Despite the large number of customers claiming back PPI already - starting between a few hundred pounds to tens of thousands - many financial pundits and consumer organisations predict that the vast majority of customers are yet to make a claim.

If you have not made your claim for PPI compensation - or have not even checked that you had PPI on any of your accounts - then make January the month that you do!

Why claim with Payment Protection Scotland?

  • We have a high claim success rate which we believe is down to:
  1. The initial 'vetting' procedure in which we work closely with customers to determine not only if they have a valid PPI claim, but also how much this is worth
  2. We create detailed cases to be presented to banks, building societies and lenders that make your claim to PPI compensation irrefutable
  • We can be contacted by telephone or via email, the two favoured options that we use also to contact YOU, with regular updates about your PPI compensation case or cases (more than one account with PPI? Each account will require a separate PPI letter…)

Think you have a claim? Don't leave it any longer - call Payment Protection Scotland today!


PPI and Your Debts

Here at Payment Protection Scotland, we help a wide variety of people claim back the payment protection insurance (PPI) owed to them. However, according to various respected consumer groups, there are still many thousands of people who have not claimed back the PPI premiums owed to them.

This can be for a variety of reasons but here at Payment Protection Scotland, we find that many people who are in debt are reluctant to make a claim. Again, there is a variety of factors why this is;

  1. Some people are frightened that making a claim will make their financial situation worse

If you are in debt, you may find yourself receiving call and call, or a multitude of text messages every day; likewise, people also receive a lot of official looking letters which tell them of the serious penalties they could face serious penalties if payments are received etc.

  1. People are not confident in dealing with banks, lenders and other financial institutions as this is not a harmonious relationship in which they feel the bank etc. has the 'upper hand'.
  2. Many people with debt problems find it difficult to trust the bank or lender
  3. The vast majority of customers also find the paperwork associated with writing to banks, asking for PPI compensation daunting
  4. We also find that many customers are embarrassed regarding their debts, unsure as to how they got into this position in the first place, as well as being unsure how to get out of the debt spiral.

How can Payment Protection Scotland Help?

Firstly, we need to make it clear that we are not offering a debt solution to your problem but, what we do understand is that the additional premiums you were paying for PPI on your credit cards etc. added a significant chunk of debt each and every month the premium was applied.

For many customers in debt, we find that this added a considerable sum to their already existing debt; without PPI premiums, their payments may have been more manageable.

The fact is, no matter whether you in debt to your lender, or even behind with payments, if you were sold PPI, the likelihood is that it was mis-sold to you, just like it was to thousands of customers across Scotland and the UK.

Here's how making a claim will work with your debts:

  1. As with all other claimants, there is no distinction between you or any other customer - you complete the same simple forms giving us permission to act on your behalf
  2. Once we have verified you have PPI on your account(s), we create a letter of complaint, asking for all PPI premiums to be returned
  3. If your bank etc. make an offer of compensation, we will check it thoroughly on your behalf that this is the correct amount of PPI compensation
  4. Depending on your situation, the PPI compensation amount may be deducted from the amount owing to the bank or lender; again, we can help with this.
  5. You may also be in for a pleasant surprise! Some customers found they were owed money, even after their debt was cleared, enjoying a small windfall of fortune for a change
  6. Or, if you do receive a large compensation payout, you could choose to take advice from a debt advice organisation to help you with the best way forward.

If you are debt and think you are owed PPI compensation, call Payment Protection Scotland now!

Dear Payment Protection Scotland

Dear PPI Scotland...

When I graduated from college 5 years ago, to help me get on my feet in my new career I was offered a graduate loan by my bank. I accepted the loan, thinking my payments would be so much per month but then I found that they were a lot higher. On reading the information for the loan in light of the PPI mis-selling stuff happening at the moment, it now seems that there is PPI on the loan.

I don't remember being asked about it! I would have declined it as it made the repayments incredibly high but after speaking to the bank they said that it was a condition of the loan and that by signing for the loan I have effectively agreed to it.

Are they right?

Our response

No your bank is incorrect when they say that you are not entitled to make a claim for PPI compensation and here's why:

  • First and foremost, PPI isoptional; it never was compulsory, like some banks protest it was therefore it cannot possibly have been a condition of the loan
  • You should have been offered the policy so that you could make a decision on it as to whether the cover it offered was suitable for you. For example...
    • Was your new job on a self employed basis or were your employed?
    • Did you have any pre-existing medical conditions at the time the cover was in place? If so you were unlikely to have been covered.

How Payment Protection Scotland could help this customer

For a fee of 25% of the final settlement monies this customer received, we would gather as much information on the account as possible. We would then ask the customer a few simple questions, the answers to which would form the basis of the letter of complaint.

This is the detailed letter that is submitted to the bank in question that fully outlines all the reasons why the PPI policy was mis-sold to the customer. It would also detail how much compensation the customer feels they are entitled to.

And then what happens...

You can sit back and relax whilst we do all the hard work for you! The bank must respond within a designated timeframe. Hopefully, they will agree the policy was mis-sold and make a compensation payment in line with the amount of premiums the customers paid, including interest.

Do you think you are owed PPI compensation? Does your situation sound similar to this customer's? Why not contact Payment Protection Scotland to see how they can help you?