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Archive for tag: PPI Questions and Answers

MORE PPI Questions, MORE Answers

Even though the PPI mis-selling debacle has been around for some time, there are still many questions that can remain unanswered. Take a look at some of the questions our team are frequently asked.



#1 How long does a PPI compensation claim take?

Once we send the letter of complaint on your behalf, the lender will typically take between eight and 12 weeks to investigate your claim and reach a decision.

What can add to this time is when we need to trace accounts and lenders on your behalf. We do this as quickly as possible so that your letter of complaints can be submitted to a lender or lenders, and your compensation paid.

However, if you decide to raise an appeal with the Financial Ombudsman if the bank refuse your claim, this can take many months. This is because the ombudsman is swamped with claims relating to PPI compensation, as well as cases concerning other financial products.

#2 How far back can a claim go?

PPI was mis-sold from the 1990s onwards and despite objections raised in the early to mid-2000s, it was a financial product that was still being sold to people who would not have been covered by it. The selling of PPI didn't stop until 2010.

There is no limit on how far back your claim can go which is why we encourage anyone who thinks they may have a claim to call us.

#3 What if I have no paperwork?

This is common problem for many people, but it is one that we can help with.

You will need to call our team who will talk you through the process. As long as know who the lenders were, we can issue a Subject Access Request instructing your lender to send us the information we need to assess your claim.

Financial companies must keep records of transactions etc. for the past six years. It may be that if your account was closed more than six years ago, they may not have a case to send us. However, we have helped customers with claims dating back 20 years.

It will take longer and take more perseverance on your part and ours, but we will do all we can to help you make a claim as getting your money back is important.

#4 I have an IVA. Can you still help me?

We can work alongside you to make a claim but you will also need to be up to date with your payments under the Individual Voluntary Agreement and should also consult your debt advisor before making a claim.

At Payment Protection Scotland, we have already successfully claimed back PPI compensation for thousands of customers. Are you next?

Quick PPI Questions and Answers

Have a quick query about PPI that you need answering? We have collated some of the questions we are asked and asked our team to come up with quick answers to them.


How far back can a claim be made? I had a car loan a few years, with PPI - will the bank contact me?

The bank may contact you as they are being 'advised' by the Financial Conduct Authority to do so. The easy rule for PPI compensation claim is that if the loan was active in the last 6 years (that is, you were making payments on it), then you could claim. However, there are always exceptions to the rule so if you have a case, why not make a claim?

We have a £7,000 personal loan with Lloyds and were mis-sold PPI on it. How much compensation would we be entitled to?

Without knowing all the details, it would be difficult to be completely accurate but between £1,500 and £2,000 would be a guesstimate. This includes interest at 8% but you could be entitled to more with fees and costs added. And then there is the possibility of commission payments on top.

I am still paying for a PPI insurance product on my credit card with a well-known high street store that also offers banking facilities. I don't recall agreeing to it. Do I have a claim?

The first thing you need to do is look at the details of PPI and see if it covers you. You may also want to look online to see if you can get a better deal from another insurer. Lenders rarely sell PPI these days and so we would need to know more detail about this.

I have an EGG credit card, can I claim?

Yes you can. EGG was one of the companies fined in the past for slow payments etc. so always worth striking while the iron is hot. But EGG itself no longer exists but Barclays bought the company and so they are responsible for refunds.

I have been made bankrupt, can I still claim compensation for mis-sold PPI?

Yes you can, although there are circumstances that you will need to be aware of. For example, you may not receive compensation if you claim is successful, as the money may be used to pay off your debts etc. Cases of debt and bankruptcy when seeking PPI compensation need not be complicated but it pays to get thorough advice on the best way to proceed from an independent source and debt specialist.

We bought a new car through a financial firm who told us that PPI was essential, or we couldn't have the car. Is this mis-selling?

It sure is! The purchase of PPI has never been compulsory!

I closed my credit card and paid it off. Could I still claim?

Whether the account is closed or not is irrelevant. You can claim compensation for mis-sold PPI if it was actually mis-sold to you and the policy was active in the last 6 years.

PPI Questions and Answers

There are so many questions about PPI compensation, but we have taken a look at some of the most recent questions our teams are being asked…


Q. I think I agreed to PPI. Surely, this means I can't make a claim?

Payment protection insurance (PPI) was mis-sold in so many different ways that, even though there are long lists of proven mis-selling reasons, on occasions, it does come down to individual cases and circumstances.

In this case, the successful conclusion of the case would lay in whether the bank knew your circumstances, such as your employment situation, fully at the time they sold you PPI. In most cases, the bank or lender would have known, as they would have performed cursory checks to satisfy themselves that you could make repayments on the loan.

There is also the additional complication of commission. Were you told, for example, that the person selling you the product would receive a commission? If so, how much was this? There are more questions that need asking about your claim which is why we would be happy to take a closer look - why not have a no obligation chat with our team?

Q. I have a bank account that is permanently overdrawn and I have since discovered that some of the 'fines' I paid for late payments etc. was down to the bank taking out PPI premiums. I have read that I may be able to claim back these late fees and fines too - is this a possibility?

This has been in the headlines recently as a claim management company brought it to the attention of the authorities that banks were still picking and choosing what they compensated in terms of PPI payments.

Many customers, like yourself, did suffer from fees and costs being added to their accounts as a result of high PPI premiums being paid.

The Financial Conduct Authority and the Financial Ombudsman Service have told banks and lenders that they must compensate customers back to the financial position they would have been in if PPI had not been added to their accounts.

Again, we need to know more to be able to advise you specifically on your case. Our team is waiting to take your call.

Q. I have no idea if I was mis-sold PPI because I really can't remember. I just signed the paperwork put in front of me. It was a difficult time, emotionally and financially for me, and the loan was needed for all kinds of mundane things, such as roofing repairs. Do you think I have a claim?

This is something we hear time and again. People went to their banks for advice and help when they were in need of financial help, only to have a policy sold to them that was of little or no use.

Our team will be more than happy to look at your claim and here's the best bit - we do so without obligation AND, we operate on a no win, no fee policy so you don't need to pay us unless your claim is successful.

PPI Questions and Answers

1. How do I know if I have a compensation claim?

Eligibility is key when it comes to making a compensation claim for mis sold Payment Protection Insurance (PPI).

It may seem like it but banks and lenders are not simply giving the money back. As per the Consumer Credit Act, the onus is on the customer to prove they were mis-sold PPI on their product.

PPI is an insurance that is debt -specific, that is, it applies to the product on which it was sold. It should protect repayments on the loan, mortgage or credit card etc. should you be in the position of not being able to meet the repayments due to redundancy, long term sickness or unemployment.

But, the PPI policy did not cover people many people and, there were other problems with the policy. Effectively, you paid for a product that was on no benefit to you.

Look on your documentation, statements etc. for you accounts and see if there is mention of PPI being added to your product.

2. If I can't find my paperwork, what can I do?

There are several ways on which you can acquire this paperwork:

  • Check if you can access your account(s) online. You may find policy number and information on your account this way.
  • Ask the bank or credit card provider for a copy of all the paperwork relating to your account(s). Under the Data Protection Act you are entitled to ask for and receive this information in a swift and timely manner. They may charge you, a £10 fee is the norm.
  • An online credit agency such as Experian may be able to help, although again, there may be a joining fee. Check before you sign up.
  • Still no luck? Then we can help you. By signing an authorisation form, we can on your behalf, obtain this information. But it will add a slight delay to your case.

3. How do you help me make a claim?

We are an experienced claims management company who have helped thousands of Scottish customers make successful PPI compensation claims.

All you need to do is sign a few simple forms and we submit your claim submit to your bank etc. on your behalf.

We will then check that any PPI compensation off you receives if the amount we have calculated you are entitled to. On occasions, some banks have made low offers, assuming that customers will accept. However, customers are proving to be savvier than this and insisting on the correct amount of compensation they are entitled to.

4. How much will it cost?

Details of our latest fee can be found on our website. We offer our service on a no win no fee basis, meaning you will be invoiced after you have received your compensation.

We know we offer one of the best claims management services around. Call us today for a no obligation chat.