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Archive for tag: Questions About PPI

4 Common Questions About PPI?

Payment protection insurance (PPI) is a product that most people will have heard of. The issues surrounding PPI were first raised in the late 1990s. two decades on, we are nearing the end of the PPI mis-selling scandal with the PPI dealing August 2019 less than a year away.


But people still have many questions.

1. How do you know if you were mis-sold PPI? And why do you have to 'prove' it?

In order to make a claim for PPI compensation, you have to prove that;

a) you have the policy on your accountand

b) you were mis-sold it.

Many customers find this unfair and think that banks should simply refund everybody that they know they sold PPI to.

However, consumer law still has to be followed and thus, the customer must show the bank that they were mis-sold the policy.

There are many reasons why PPI may have been mis-sold to you, such as being unaware you had 'bought' it, to being sold PPI when the bank knew that your personal circumstances meant the policy would not have covered you.

The banks also now say that even though they know who they sold may have sold PPI to, they cannot be sure that it was mis-sold to everyone. This is why you need to make a claim.

2.   How much can you claim back?

In the very early days of the compensation process, banks made offers to customers. Fortunately, the customers were advised to refuse these and to ask foralltheir money back.

This is why it can take a few weeks to claim your money back as the right level of compensation must be calculated. Not only will you get back all your premiums, but interest, fees and in some cases, commission too.

3. Why does PPI compensation vary?

Compensation is about making sure that the customer isput back in a financial position that they would have been in had they not been sold PPI. This is why the amount people receive varies from one case to another.

4. What else do I need to know about claiming PPI compensation before August 2019?

You can make a claim for compensation yourself, by contacting your bank and giving them the relevant detail.

Some people prefer to seek help with this and if this is the case, you can use the services of a professional claim management company. Look for one that has a proven track record in helping people claim their cash back, and who are also successful in doing so.

Payment Protection Scotland is a reputable claim management company who will help you get every penny of your money back. Call us to find out more.

Do You Have Questions About PPI?

Many customers have many questions about the process of claiming back payment protection insurance (PPI) premiums, as well as many other concerns. In this blog, we look at some common questions and concerns. If you need more information or clarification, just contact the team at Payment Protection Scotland.


Can I make more than one claim with Payment Protection Scotland?

Yes, you can! Each account on which you have PPI will constitute a separate claim from your lender and there is no limit as to how many claims you can make. After all, it is your money…

But do I pay twice as much?

No, you don't. If you make all your claims for PPI compensation at one time, you pay a % of the total amount awarded rather than a % on each PPI compensation settlement you receive.

Can I make a claim on a loan or other account that has been 'paid off' and closed?

Yes, you can, there is nothing stopping you only deadlines based on consumer law. You will need to have been making payments on the account within the last 6 years, as set down in consumer law.

Is there a maximum amount that can be claimed?

No there is not as it is entirely dependent on how much you borrowed, over how long and how much the PPI was charged at.

The average PPI claim has been estimated to be around £2,750 but you could be able to claim back much more than this, or it could be a lot less. Once we have your full details and information, we will be able to provide you with a more accurate figure of how much compensation you could claim back.

How does the Payment Protection Scotland process work?

Once you have contacted us, we will gather a variety of information and detail from you, including the lenders that we need to contact on your behalf. However, before we can do that, we will need written permission from you allowing us to act on your behalf, contacting your bank or lender as a part of the whole process.

These forms will be sent to you and once we receive them back from you, completed and signed, we can really begin to progress with your claim.

How long does it take to get my compensation settlement?

Providing we have the paperwork, signatures and all the relevant information needed, and your bank or lender does not contest your claim, they will hopefully make an offer quickly. There are deadlines by which the bank or lender must respond to your PPI complaint and a timeframe within which they must resolve your case.

How will the PPI deadline be enforced?

Customers wishing to make a claim for mis-sold PPI will need to do so by 11.59pm on 29th August 2019. This relates to complaints about PPI sold before the summer of 2017. Any policy sold after that will be handled separately.

It applies to everyone and so if you want to claim your money back, don't delay - claim today!

Questions About PPI?

You need to get the right answers with up-to-date information about making a claim for mis-sold payment protection insurance (PPI). And where better than Payment Protection Scotland, a leading, reputable claim management company specialising in PPI claims in Scotland?

My bank has said no to my claim for compensation after I think I was mis-sold PPI. I have heard I can take me case to the Financial Ombudsman but I don't know how to do that. How do I go about lodging my complaint and is it worth it?

The Financial Ombudsman are the people to turn to if your bank or lender has refuted your claim for PPI compensation.

You will find full details of how to do this on their website - you can submit your claim online. The process is relatively simple, with the form taking you through your claim step-by-step.

However, some people can find it daunting to complete these forms, especially as they are unsure what they need to be telling the Ombudsman to get their money back.

Payment Protection Scotland can help with your claim for compensation either by submitting it to your bank or lender in the first instance, and following it up by submitting your case to the Financial Ombudsman if necessary.

What can I do if I think that the compensation being offered is the wrong amount? I had the PPI policy for years and yet they are offering me a few hundred pounds. I have calculated that my premiums alone are nearly three times the amount that they are offering.

You can ask the bank or lender for a breakdown of the compensation and how much is being offered and why they arrive at this figure.

You do not have to accept the offer that they make. Some customers have only to realise that they were entitled to more.

If you are unhappy with how your case is being handled, you can ask Payment Protection Scotland to become involved. We can present the bank or lender with a clear breakdown of what we calculate is owned to you but if they continue to dispute it, you can submit your claim to the Financial Ombudsman.

What does no win, no fee mean? I see many claim management companies advertise their services this way.

It means exactly what you think: if we are not successful in claiming your money back, we don't charge you.

Why not call us for more information? There is no obligation when you call us to continue with your claim.

Do you Have Questions About PPI?

Many people, although they have heard a lot about payment protection insurance (PPI) in the press and so on, are still unsure that they have a claim. Many people are also cautious, wanting a little more information before they jump into claiming PPI compensation.

As a result, many people call Payment Protection Scotland with question about the policy, where it can be found and how to make a claim. Here, we have collated some questions we have been asked recently.

Did I have to buy PPI?

Many people were sold PPI by bank representative and given the impression, or even told, that it was a compulsory part of making an application for a loan, or opening and account etc.

This was not the case.

Some people were also told, or given the impression that they application for credit was more likely to be accepted should they take out the PPI policy.

This was not the case.

The rules are the same today as they were all those years ago; you do not have to buy anything that the banks offer you at the time you take out a loan etc.

But the bank said they wanted their money protecting?

This is understandable and not wholly unacceptable. However, the important factor to note is that the customer did not have to buy their product.

Many customers already have sufficient insurance cover with other products that they pay for. For example, some people had critical illness cover that may have provided a lump sum if they were unable to work for a length of time.

Other customers will have had benefit packages with their employment that also meant there would be at least 12 months cover or payments made to them to cover debts such as a loan.

Many banks and their representatives told customers that this was not sufficient, when this was clearly not the case. In effect, many people bought a duplicate policy.

How likely were PPI policies to pay out in the event of a claim?

The pay-out rate for PPI policies was around 15%. Compare this to car insurance pay out rates with was 80% or over, and you can clearly see the issue.

Not only this, many PPI policies were also slow to pay out too. And various consumer groups pointed out that the claiming process was unduly complicated. In effect, it would seem that the banks or lenders hoped the consumer would give up before they managed to claim any money.

With the possibility of a PPI deadline looming, it is important that you make your claim as soon as you can. Why not call today?