Glasgow: 0141 844 0017 * Edinburgh: 0131 224 0094 * Lanarkshire: 01698 286 463

Archive for tag: PPI Facts and Figures

Behind the PPI Facts and Figures

Billions of pounds in compensation / Millions of PPI policies mis-sold / Millions of people affected.

When we see the staggering amounts of compensation paid out to customers who had been mis-sold payment protection insurance (PPI) policies, it is easy to forget that behind these facts and figures are real people.

And you are one of those 'real people'.

Have you been mis-sold PPI?

In some ways, it should be an easy question to answer but, as you will see shortly, there are many factors that interfere in being able to give a straight answer.

I. You didn't know you had PPI- many people will answer no to the above question because they assume they don't have PPI, after all, you would remember buying an insurance policy, wouldn't you? But, PPI was added to thousands and thousands of accounts without the prior consent, knowledge or permission of the account holder. Has that happened to you?

II. You agreed to buy it- some customers think that because they agreed to buy the policy, they won't be entitled to their money back. But, how confident are you that you were told everything about the policy? Did you know about the exclusions under the policy? Did you know that you probably weren't covered by the policy? Many customers were simply unaware that there were significant exclusions under the policy and that they were paying for something that of no use to them. If you had known these things, would you have still willingly bought the policy?

III. It contributed to debt -people borrow money to fund expensive purchases, such as the family car. For others, it is a way of paying important things, such as re-modelling of a property. No matter why you borrow money, making sure you can afford to make repayments is essential but, when PPI was added on, it could make it difficult for people to afford the loan. This sometimes added fees and costs to the account but, the good news is, we may be able to claim these costs and fees back too.

Can we help you?

If you have a claim for mis-sold payment protection insurance (PPI), we can help you claim your money back.

We need to know that you have a PPI policy or policies - we can help you check - and then we need your permission to act on your behalf: this process takes next to no time! You could have PPI compensation in your bank account in time for the New Year!

Why not call us today to find out more about PPI compensation claims?

PPI Facts and Figures

Have you ever wondered how BIG the mis-selling of payment protection insurance (PPI) scandal actually is? Can you estimate the figures involved?

Take our quick quiz to see if you are a PPI expert…

Qu.1 How many claims for PPI compensation are successful?

  1. 60%
  2. 54%
  3. 85%

Overall, the rate for success when it comes to PPI compensation claims is thought to be around 85%. At Payment Protection Scotland, we boast a success rate of well-over 90%. We put this down to our assessment process. We look at your potential claim for PPI compensation from all angles, making sure your case has the best chance of success.

Qu.2 How many people in the UK were mis-sold PPI?

  1. 1 in 10
  2. 1 in 5
  3. 7 in 10

The number of people the PPI mis-selling scandal affects is thousands upon thousands meaning that there is a very good chance that YOU are affected by it too. Overall, 1 in 5 of the 60 million people in the UK are thought to have been mis-sold a PPI policy. When you consider this means an average pay out of £2,750 per person, you can see how the figures start to add up.

Qu.3 How many PPI policies had been sold since January 2001 until the scandal broke some 10 years later?

  1. 30 million
  2. 1 billion
  3. 50,000

The scale of the PPI mis-selling is gargantuan, with PPI being the most mis-sold financial product of all time. Many people are hoping that it never happens again and thus, changes have been made to how policies of this kind are sold to customers. The wholescale mis-selling of PPI is thought to have started in January 2001, with over 30 million PPI policies being sold from that point until the scandal started to break in 2011.

Qu.4 How many PPI complaints or cases for compensation have been made?

  1. 26,000
  2. 1 billion
  3. 14 million

As soon as this article is published, the answer to this question will be wrong because cases for compensation for mis-sold PPI are being made all the time. However, at the time of writing, some 14 million complaints had been made about PPI with the total compensation bill around £24 billion.

Qu.5 Payment Protection Scotland can help you make a claim if…?

  1. You have PPI
  2. You understand there is a fee for our service
  3. You call to start to your complaint right NOW
  4. Or all of the above?

Payment Protection Scotland can help you make a claim for PPI compensation if you have at least one PPI policy on an account and you believe it was mis-sold to you. We charge a fee for our professional services, a % of the final amount of compensation you are awarded - but you only pay if your claim is successful. And yes, you can start