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

Archive for tag: Paymnet

PPI and Your Debts

Here at Payment Protection Scotland, we help a wide variety of people claim back the payment protection insurance (PPI) owed to them. However, according to various respected consumer groups, there are still many thousands of people who have not claimed back the PPI premiums owed to them.

This can be for a variety of reasons but here at Payment Protection Scotland, we find that many people who are in debt are reluctant to make a claim. Again, there is a variety of factors why this is;

  1. Some people are frightened that making a claim will make their financial situation worse

If you are in debt, you may find yourself receiving call and call, or a multitude of text messages every day; likewise, people also receive a lot of official looking letters which tell them of the serious penalties they could face serious penalties if payments are received etc.

  1. People are not confident in dealing with banks, lenders and other financial institutions as this is not a harmonious relationship in which they feel the bank etc. has the 'upper hand'.
  2. Many people with debt problems find it difficult to trust the bank or lender
  3. The vast majority of customers also find the paperwork associated with writing to banks, asking for PPI compensation daunting
  4. We also find that many customers are embarrassed regarding their debts, unsure as to how they got into this position in the first place, as well as being unsure how to get out of the debt spiral.

How can Payment Protection Scotland Help?

Firstly, we need to make it clear that we are not offering a debt solution to your problem but, what we do understand is that the additional premiums you were paying for PPI on your credit cards etc. added a significant chunk of debt each and every month the premium was applied.

For many customers in debt, we find that this added a considerable sum to their already existing debt; without PPI premiums, their payments may have been more manageable.

The fact is, no matter whether you in debt to your lender, or even behind with payments, if you were sold PPI, the likelihood is that it was mis-sold to you, just like it was to thousands of customers across Scotland and the UK.

Here's how making a claim will work with your debts:

  1. As with all other claimants, there is no distinction between you or any other customer - you complete the same simple forms giving us permission to act on your behalf
  2. Once we have verified you have PPI on your account(s), we create a letter of complaint, asking for all PPI premiums to be returned
  3. If your bank etc. make an offer of compensation, we will check it thoroughly on your behalf that this is the correct amount of PPI compensation
  4. Depending on your situation, the PPI compensation amount may be deducted from the amount owing to the bank or lender; again, we can help with this.
  5. You may also be in for a pleasant surprise! Some customers found they were owed money, even after their debt was cleared, enjoying a small windfall of fortune for a change
  6. Or, if you do receive a large compensation payout, you could choose to take advice from a debt advice organisation to help you with the best way forward.

If you are debt and think you are owed PPI compensation, call Payment Protection Scotland now!