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Archive for tag: Time and PPI

Time and PPI Complaints

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.


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.

Time and PPI

Time ticks away; constantly ebbing away, some days it seems to fly by but when we are in the middle of something excruciatingly boring, 10 minutes seems to last a lifetime.

Certain events in life seem to happen in slow motion and yet other whizz past so quickly, we can barely remember them.

But, with PPI there is always discussion about time, from the amount of time involved in claiming back PPI compensation to the idea that banks want a PPI deadline imposing. So how is time affecting your PPI compensation claim?

Tick-tock - The Letter

Back at the start of 2013, the Financial Services Authority (now known as the Financial Conduct Authority) told banks and lender they must write to customers who they had identified could be the victims of PPI mis-selling. This regulatory body of the UK banking industry set down clear guidelines of this letter, including how it was written and the language used. It had to be clear it was not a marketing letter, but a clear invitation to customers to make a claim for PPI compensation.

But this letter set the clock in motion as from the date of the letter, any customer who receives such a letter has 3 years within which to make a claim for PPI compensation. This is in line with consumer law in the UK and attempting to make a claim outside of this will mean you will have missed out on a potential lump sum.

Tick-tock - Account activity

There are stories in the press of people receiving huge sums of money as a result of having an account with PPI added to it for many, many years and yet your bank may have said that because it was longer than 6 years ago you are not entitled to claim. But, this is all down to the activity on your account.

Even if your loan was paid up within the last 6 years, you may be entitled to claim as long as you have made payments on the account within the last years. Hence, people with accounts that stem back 20 years or more are receiving huge pay outs but for someone with a paid up loan from 10 years ago might face increase difficulties in claiming back their PPI cash.

Tick-tock - A deadline by banks?

There has been talk in the opening months of this year that the banks are in secret negotiations with the industry regulator to place a PPI deadline by which customers must lodge their PPI compensation claims.

As yet, there is no decision and many commentators suggest that this is not going to come to fruition any time soon but be confident that should it become fact, Payment Protection Scotland will be first to deliver the news!