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Archive for tag: PPI and a Shopping Spree

PPI and a Shopping Spree

Did you know that 24% of people who have already successfully claimed compensation for mis-sold PPI have already been on a spending spree?

5% indulged in new shoes, and 10% hit the sales and revamped their wardrobes. If this sounds like the perfect way to you, to spend both time and money, you need to check if you have a PPI claim.

#1 Check, check and check again!

Every account that offered you credit could have PPI added to it. Anything from a store card from well-known high street shops, to the credit card you have had for years, could all have PPI on them.

So check everything, and check them again because PPI was not a policy that some banks or lenders did not make obvious. In other words, the policy was added to your account or sold to you in a way that made it sound like such a good idea…

#2 It will have different names

In essence, the policy is the same but some companies, banks and lenders called it a different name. PPI is a generic name, describing a policy known as a payment protection insurance but they may have called in 'card care' and so on.

If it looks like an insurance policy - promising to make repayments if you cannot - then it is a type of PPI and you need to further explore the option of claiming your money back.

#3 Why did you buy it?

This is a loaded question! But consumer law states that as the customer, you do need to tell the company why you think or know the product was mis-sold to you.

There are many, many reasons why this is the case: you may have found out since that the policy is completely unsuitable. You would not have bought it either, if you had been made aware at the time of the significant exclusions under the policy… maybe it was simply added to your account, and you had no idea.

#4 Submit the claim… and chase it!

The bank or lender has to make some form of formal response within 8 weeks of submitting your claim. Being busy with thousands of other claims is not an excuse thus, if you have not heard anything, chase them; ask them what they are doing about your claim and when can you expect it to be resolved in your favour.

You could always hire the professional services of Payment Protection Scotland to do this on your behalf.

#5 Go on a shopping spree

Pay the invoice from Payment Protection Sctpland and then take yourself on the biggest shopping spree you can imagine!