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Archive for tag: PPI Scam Text Messages

Inundated by PPI ‘Scam’ Texts?

Not sure if they are genuine messages from people really willing to help? We'll help you work out when a PPI text is a scam by answering straightforward questions.

There are many people who profess to being experienced specialists in the field of PPI compensation. As a result, there are thousands of people who receive weekly, sometimes daily texts relating to their PPI compensation claims.

The problems are many and varied when it comes to these texts; on one hand, financial experts are telling us that the majority of us will be entitled to PPI compensation and should make a by the PPI deadline August 2019. But, on the other hand, these texts can be a nuisance as well as wrong. They are a fishing exercise, a chance to tray and hook custom.

These are the questions you need to ask yourself…

How does a company know how much I am entitled to?

In short, they don't.They hope that by making their text sound convincing and telling you they know exactly how much PPI compensation you are entitled to, you will call and they can reel you in.

  • No one knows if or how much compensation you are entitled to until any PPI that you have on your accounts has been assessed, and the calculation applied.
  • No company can find out for you on your behalf without you giving express permission for this to happen, in the form of written authorisation. Any firm who does this without your consent is effectively stealing your data, a criminal offence under the Data Protection Act.

Is everyone entitled to PPI compensation?

It is true to say that there are many thousands of customers who were duped in buying and paying for an insurance policy that was little use to them. The scale of the mis-selling of PPI is huge. The size of the mis-selling scandal has caught everybody off guard, from the banks themselves through the financial industry regulators.

  • PPI compensation is not automatic. You still need to show you had a PPI policy and that it was mis-sold to you. Many less reputable and experienced companies did, in the early days of PPI compensation, submit a large number of ineligible claims.

But could I be owed money on a policy that I didn't know I had?

Again, some companies are fishing for PPI compensation work BUT, what you must remember is that some customers were 'sold' PPI without them knowing.

In other words, PPPI was an addition to your account after you signed on the dotted line for your loan, credit card etc. so it might be that you have no idea you were mis-sold the product in the first place.

Contact a professional and successful company with an enviable reputation for getting results - call Payment Protection Scotland now!