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Archive for tag: The PPI Quiz!

The PPI Quiz!

From time to time, we like to check knowledge around PPI facts and myths. Test your knowledge with this true or false quiz.


True or false…?

… you can only claim back what you paid in terms of PPI premiums?

False! There are now many additional fees and costs that the Financial Conduct Authority and the Financial Ombudsman are saying need to be paid back to the customer. The Financial Ombudsman are adamant that the customer must be 'put back in the financial position they were in prior to being mis-sold PPI'. This means that not just the premiums should be returned to you, but any interest you may have paid on any outstanding PPI amount as well as any fees that may have been incurred on your account as part of the product being added to it.

UPDATE - this know includes even more money in the shape of commission. You may not have realised but the broker selling you the policy was paid a commission for doing so. If this was the case and it was more than 50% of the cost of the PPI policy and you were not aware, you can claim this money back too.

True or false…?

… you stand a better chance of getting money back if you use a claims management company?

False! This is something that less reputable claims management companies have been told off for advertising and marketing to customers. Banks and lenders have time limits that they must fulfil when customers complain about mis-sold PPI and all cases adhere to this - hence, using a claims management company will not make it go any faster! If a company contacts you telling you they can resolve your complaint within weeks or even days, look closely at this 'promise'.

UPDATE -  claim management companies like us have been at the forefront of making sure customers get justice around the mis-selling of PPI. It was a claim management company who spotted customers were not receiving costs and fees back. The FCA agreed and now customers are compensated correctly.

True or false…?

… I don't have PPI on any of my accounts

False OR possibly true… you will only know the answer to this if you LOOK and LOOK AGAIN! One of the issues with PPI was that it was added to people's accounts, in any cases, without their prior consent or approval. This makes it hard for professional companies such as PPI Scotland to persuade people that they really could have a case.

UPDATE - the PPI deadline 2019 is placing more pressure on the process of claiming your money back. Are youreallysure you don't have PPI?

True or false…?

…checking for PPI is hard and time-consuming?

False! PPI will be listed or mentioned somewhere in the paperwork relating to that account. BUT, it may not be called PPI as this is a general term used to describe an insurance product that promises to make repayments if you cannot due to illness or unemployment etc. Different banks and lenders called their own products by different names. What you ARE looking for is any kind of insurance that promises to make repayments in the event you are unable to work.

You could be owed thousands in compensation for mis-sold PPI. What would you do with a welcome financial windfall?