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Archive for tag: Test Your PPI Knowledge

Test Your PPI Knowledge

It can be confusing sorting through all the facts and misinformation about payment protection insurance (PPI). This can put people off making a claim. We want to make sure that everyone who has a genuine claim for PPI compensation goes on to successfully claim ALL of their money back.

Do you have the know-how to do so?

1. You can claim PPI compensation if you are aged:

  • a. Aged between 18 and 65 years of age
  • b. Any age
  • c. Aged between 18 and 80

The confusion with age and PPI policies comes from the fact that the policy only covered people who were aged between 18 and 65 years when they took out the policy. It did not cover anyone over the age of 65 or anyone who was retired.

Some people think that once you are over 65, you cannot make a claim for compensation but this is not the case. You can make a claim for PPI compensation no matter what your age is thus the answer is c.

2. Mrs H. is self-employed. She had PPI. Nora is 21 and a student. Bill works full time and had a joint loan with his wife. Who can claim PPI compensation?

  • a. All of them
  • b. Bill and Mrs H.
  • c. Nora

The truth is they could all have a claim for PPI compensation:

Mrs H. would not be covered by the policy as to claim under its terms and conditions, she would need to close her business. This may not be something she is aware of.

Nora would not be covered by the policy as she is not employed, therefore the PPI policy has not income to replace technically speaking. The job she does have while she studies is part time, therefore she is still not covered but she may not know this.

Bill can make a claim as he is under the impression that the policy covers him and his wife as the loan they have is in both their names. This is not the case. In fact, the PPI policy is in his wife's name.

3. It takes, on average, how long for a PPI compensation claim to be resolved?

  • a. 4 months
  • b. 12 weeks
  • c. 12 months

Most PPI claims that are clear and straightforward can take 12 weeks or less. For more complex claims and for those that are disputed by the bank, it can take a lot longer. If the Financial Ombudsman becomes involved, it can take 12 months or more. For other cases, it can take longer but with PPI Scotland on your side, we will be chasing your claim for a quick resolution.