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Archive for tag: PPI Compensation Pay Out

Making the Most of Your PPI Compensation Pay Out

Payment protection insurance (PPI) was mis-sold to thousands of customers across Scotland and YOU could be one of them!

Many customers have already claimed their money back and are currently enjoying an unexpected windfall. With the possibility of your bank account enjoying a pleasant influx of cash, how will you spend your PPI compensation?

How much can you claim?

There is no set amount, just as there is no minimum PPI compensation nor a maximum. Every claim is different because there are variables that differ from one case to another…

1. How many PPI policies do you have?

People are often surprised to find that they may have been paying for more than one PPI policy every month. This is because PPI was applied to a specific debt, such as your credit card, your bank loan and so on.

Therefore, it is important that you check every account which supplied you with credit including store cards, car finance and so on. You may find you were paying for a PPI policy you didn't realise you had.

2. How long have you had the PPI policy or policies for?

Another factor that contributes to the size of a PPI pay-out is how old the policies are and how long you have been paying for them.

The reason why is obvious - if the policy or policies were mis-sold to you (and the likelihood is they were) and you have been paying premiums on them for some time, there will be more money due back to you.

3. The cost of the PPI policy or policies?

Some banks and lenders charged for PPI in different ways. For example, on credit cards, the monthly PPI premium was charged as a % of the total amount outstanding. If you credit card was frequently near its maximum, this payment would be higher than if there were only a few hundred pounds on it every month.

Get specialist advice today

These three factors vary from one case to another, so much so that you can receive much more or much less than your spouse, friends, colleagues and so on.

To make the most of your PPI compensation pay-out, you want every penny back that is owed to you. There are times when this may mean arguing your case and not taking no for an answer.

As a claim management company specialising in PPI compensation claims, we know how to ensure you get all of your money back, as well as providing you with a clear breakdown of what we think you are owed.

Find out more right now by calling Payment Protection Scotland.