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Archive for tag: Your Questions on PPI

Your Questions on PPI

Claiming compensation for mis-sold payment protection insurance (PPI) is not something that should present you with too many headaches or stress - or so say the consumer organisation and regulatory authorities.


BUT, there are times when it can seem complex and this is why getting informed is the best way of tackling a claim for PPI compensation.

This uncertainty can mean that some customers don't make the claim they are entitled to. And we want to change that!

How do I know I have a claim for compensation?

The answer is to check all your account for PPI. In this sense, you are looking for an insurance policy that says that in the event you cannot make repayments on the loan due to a loss of income, it will do it for you.

If I find this, does this mean I will get money back?

Not necessarily because you have to prove you were mis-sold the policy. This means telling the bank that the policy was no good for you because…

  • You were self-employed or retired at the time they sold it to you
  • You have pre-existing medical conditions or illnesses and you were not told that these were not covered by the policy
  • The whole policy, along with its terms and conditions were not explained to you properly - if you had known some of these exclusions, you would not have bought such an expensive policy
  • You actually didn't know that you had been sold the policy, only discovering that you had been paying for it after investigating your accounts further
  • You were given the impression that buying it was either compulsory or that if you didn't buy it, your application for a loan would not be successful
  • And there are other reasons besides these - our team will help you

My claim was rejected years ago, could I try again? 

This will need to be looked at by our experienced team here at PPI Scotland. In the early days of PPI compensation, many people were told that they did not have a claim. Several years on, the attitude of the banks towards claims has changed.

We will need to look at the original circumstances of the claim, along with the reasons why it was rejected. Depending on the circumstances, we can either contact the bank or refer your case to the Financial Ombudsman Service for them to make a final judgement.

I think I was under-compensated. Can I make a further claim?

There have been cases that were under-compensated by the banks and lenders. As a result, they have been told to re-examine these cases again. If you feel this is the case, then it will do no harm to talk to us here at Payment Protection Scotland - you could be entitled to more money!