Time has a habit of running away with us; one minute our
families are small, the next the children are off to university or
are travelling the world!
With PPI compensation claims, the same is true; it seemed only
yesterday that Payment Protection Scotland were dealing in the
cases in the infancy of the saga, fighting hard to win compensation
for our customers and now, many years later, the fight can still be
just as hard.
Lost in the midst of time has been who and why concerns were
raised about PPI. The Financial Ombudsman Service(FOS), now a
leading organisation in helping consumers claim their money back
from the banks, raised concerns back in 2001 about the potential
mis-selling of this insurance product.
They raised the issue again in 2005 but it was the Citizens
Advice Bureau in 2006 who raised the 'super complaint' that really
set the PPI mis-selling saga rolling.
In 2011, the banks, lenders and financial institutions in the UK
lost their judicial review and the flood gates opened. At first,
the complaints started to trickle through and banks made 'offers';
they offered derisory sums of money to customers thinking this
would be enough.
But, it wasn't and soon, the trickle become a tidal wave of
complaints that have taken the banks by surprise.
Resolution
But, when thinks go a little wrong and the bank say no to a PPI
compensation claim, there is one more avenue open to the consumer
and this is to ask the FOS to review the case, asking if the
judgement that the banks have shown is correct.
Although there are various estimates about how many policies
were mis-sold to customers, it is true to say the figures are
staggering. And so, bearing this in mid, this mis-selling saga was
never going to be over in a few months - it will take years to sort
of this PPI mis-selling mess.
How long your case takes to resolve depends on a number of
variables:
- How easy or difficult it is to find all the paperwork relevant
to your account on which you are claiming PPI compensation
- Every case varies; with some the facts are straightforward but
with some cases, the circumstances surrounding the selling of the
policy to a customer can be more complex and difficult to
determine
Honest advice
But, at the start of the claiming process many years ago, there
were some companies who attempted to claim compensation on behalf
of customers even when they knew they were not entitled to any
monies.
And so getting honest, upfront advice is essential - Payment
Protection Scotland is one of the leading claim management
companies in Scotland. We can help.