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Payment Protection Insurance – are you SURE you don’t have a claim?

Two months into 2017 means we are two months closer to the all-important June 2019 deadline.

You may think you have plenty of time to lodge a complaint for PPI compensation but, if the bank refuse your claim, it will need to be referred to the Financial Services Ombudsman - and that could mean a long wait.

Thus, you MUST check whether you have a claim for PPI compensation today;

  • Have you been in receipt of a loan, had a credit card or store card or opened a newmortgage from the mid-1990s onwards?

The likelihood is that most people have some form of credit facility with a major bank or lender. Banks make their profits by lending money to customers and charging interest on it. With PPI, they added massively to their profits because every policy was so expensive.

Check your accounts and documentation carefully.

  • It is not a complicated process

It needn't be. If you find you have some form of PPI on your accounts, you may have a claim for compensation.

However, the onus has been placed on the customer to prove they were mis-sold PPI. The parameters for this are:

  1. You were unaware you had bought PPI -in some cases, the product was automatically added to the account without the permission of the account holder. This is common in the cases of PPI and credit cards.
  2. You were told it was compulsory- PPI, along with many other types of insurances of this nature, are optional. Covering your income is not a bad idea but you need not have bought the bank or lender's own product. Some customers already had some form of PPI in place therefore they didn't need the additional product.
  3. Unfair practice- Some customers were led to believe that they would be more like to be accepted for a loan or credit card etc., if they took out the PPI policy. This is unfair practice.
  4. You were retired or self-employed at the time or had a pre-existing medical condition- this relates specifically to the terms and conditions of the PPI policy. Many customers would not have been covered in many cases and, according to a variety of complaints upheld by the Financial Services Ombudsman (FSO), they would not have taken out the policy of these terms and conditions had been fully explained to them.

There are many other reasons why people were mis-sold PPI and many customers are making successful claims every day.

Call Payment Protection Scotland for a no obligation, informal chat NOW.

Changing the Face of UK Financial Industry – PPI Compensation

There is no doubt that the wide scale mis-selling of payment protection insurance (PPI) in the UK has changed the face of the financial services industry.

PPI continues to be a growing issue for consumers. The Financial Services Ombudsman (FOS), received on average 1,500 new cases each day. And this shows no sign of slowing. They have also said that they are finding PPI cases being referred to them are increasingly complex, but are still finding in the case of the consumer in the majority of cases.

PPI is the most complained about financial product that the FOS has ever received.

Contact your lender

The first step in claiming PPI compensation is to contact your lender. You can either do this yourself or by using an intermediary, such as PPI Scotland.

We specialise in making PPI compensation claims, and nothing else. So you know when you come to us, you are coming to an expert company.

Refer your case to FOS

If your bank or lender refuses your claim for PPI compensation, you may be unhappy with this decision. You can ask FOS to take a look at your case and decide if they think you have a claim for PPI compensation.

If they do, they will tell your bank to compensate you and how much.

They are independent of government and more importantly from the banks and lenders at the centre of the PPI mis-selling scandal.

Takes time

Due to the large number of cases being referred to FOS, you may find that your case will take some months to resolve. The complexity and nature of your claim will also have an impact on how long it will take to resolve.

What the FOS look at when decided whether to uphold the complaint, they will examine two areas:

  1. 1. Did your bank or lender give you clear, fair information, that was not misleading in anyway about the purchase of PPI?

In other words, your bank or lender should have given you plenty information, that was clear to understand and highlighted any short comings in relation to your circumstances.

  1. 2. Did the bank take suitable steps to ensure PPI was suitable to your needs?

A simple example would be anyone that had a pre-existing medical condition should have been made aware of this limitation.

FOS then make a decision based on evidence and in most cases, it has to be said, they do find in favour of the customer.

We can help you not only decide if you have a claim for PPI compensation but also submit your claim.  So why not call Payment Protection Scotland today?

PPI Questions and Answers

1. How do I know if I have a compensation claim?

Eligibility is key when it comes to making a compensation claim for mis sold Payment Protection Insurance (PPI).

It may seem like it but banks and lenders are not simply giving the money back. As per the Consumer Credit Act, the onus is on the customer to prove they were mis-sold PPI on their product.

PPI is an insurance that is debt -specific, that is, it applies to the product on which it was sold. It should protect repayments on the loan, mortgage or credit card etc. should you be in the position of not being able to meet the repayments due to redundancy, long term sickness or unemployment.

But, the PPI policy did not cover people many people and, there were other problems with the policy. Effectively, you paid for a product that was on no benefit to you.

Look on your documentation, statements etc. for you accounts and see if there is mention of PPI being added to your product.

2. If I can't find my paperwork, what can I do?

There are several ways on which you can acquire this paperwork:

  • Check if you can access your account(s) online. You may find policy number and information on your account this way.
  • Ask the bank or credit card provider for a copy of all the paperwork relating to your account(s). Under the Data Protection Act you are entitled to ask for and receive this information in a swift and timely manner. They may charge you, a £10 fee is the norm.
  • An online credit agency such as Experian may be able to help, although again, there may be a joining fee. Check before you sign up.
  • Still no luck? Then we can help you. By signing an authorisation form, we can on your behalf, obtain this information. But it will add a slight delay to your case.

3. How do you help me make a claim?

We are an experienced claims management company who have helped thousands of Scottish customers make successful PPI compensation claims.

All you need to do is sign a few simple forms and we submit your claim submit to your bank etc. on your behalf.

We will then check that any PPI compensation off you receives if the amount we have calculated you are entitled to. On occasions, some banks have made low offers, assuming that customers will accept. However, customers are proving to be savvier than this and insisting on the correct amount of compensation they are entitled to.

4. How much will it cost?

Details of our latest fee can be found on our website. We offer our service on a no win no fee basis, meaning you will be invoiced after you have received your compensation.

We know we offer one of the best claims management services around. Call us today for a no obligation chat.

Do you Know How to Claim PPI Compensation?

Payment protection insurance (PPI) and the saga around its mis-selling has held the British banking industry in its vice like grip since the mid-1990s when concerns about the product were first raised.

Compensation started to be paid at the very beginning of 2011 and continues to this day. But the days are numbered, with the Financial Conduct Authority consulting on a PPI June 2019 deadline.

This means that if you haven't yet made a claim for PPI compensation, and you don't before June 2019, it will be too late. And this means you could be waving goodbye to thousands of pounds - YOUR money.

Making a claim: what you need to know

To make a claim for PPI compensation, you need to do the following;

1. Find the paperwork or evidence you had PPI

PPI was added to all kinds of accounts that offered credit. Check accounts such as credit cards, car finance, mortgages, loans (personal and secured against property), store cards and some catalogue accounts also had PPI added to them.

You may find PPI as a separate policy or it may be included in the small print of the paperwork used to open your account.

Once you have located it, you have the evidence you need to approach the lender and ask for compensation.

2. Tell them why you were mis-sold PPI

PPI compensation claims have to follow the law as laid down in the Consumer Credit Act. And that means, as the customer, you need to tell the bank, lender or loan provider you were mis-sold PPI and the reasons why.

It may be, for example, you were unaware you had PPI and therefore, this constitutes mis-selling.

Or, you may have been led to believe that it was the right product for you and yet, you were unaware that your current medical condition or age disqualified you from making a claim.

Or, you may have felt at the time, that PPI and the loan you were applying for, for example, came as a package. Some people also felt that if they didn't take out PPI, they were less likely to secure the loan they needed.

3.   Wait for the bank or lender to respond

They should respond within eight weeks of receiving your letter. In straightforward claims, you can receive your PPI compensation within 12 weeks.

For more complex cases, it can take longer and it may also mean that if the bank or lender refuse your claim for PPI compensation, you can refer the matter to the Financial Ombudsman.

Or, you can ask Payment Protection Scotland, a leading, expert claim management company dealing exclusively with PPI compensation claims, to act on your behalf. Why not call us for a no obligation chat?

How to Check for PPI for FREE!

This and other little-known facts about claiming PPI compensation

If you have PPI, you are probably due compensation

Payment protection insurance (PPI) was mis-sold on a hug scale. There are thousands and thousands of customers affected right across the country with millions of policies mis-sold.

Divide the value of policies by the number of customers suspected as having been mis-sold PPI, and you have an average pay out of around £2,750.

But you could get much more than this back, or you may get less.

You can check if you have PPI for FREE

There are several steps to checking if you have PPI on a loan, credit card, store card and so on:

I. Look through all your paperwork -it is worth spending the time trawling through all papers and documents you have relating to loans, mortgages, car finance and so on. PPI may lurk on the original documents, or the policy may have been sent to you separately. Either way, you could claim your money back.

II. Ask your lender or bank for proof of PPI -back in the early days when banks and lenders were told they had to compensate customers, banks and lenders were not so keen on letting you know if you had PPI. But, after yet more wrangling and arguments, banks and lenders have now realised that a more conciliatory tone is the way forward. Thus, most banks and lenders will, for free, tell you if you have PPI or not (don't forget to ask for evidence of this!).

If you have no joy following these two steps, some credit reference agencies may hold the original agreements on file but, they do charge a fee for this. Check the small print before you sign up.

We take on your PPI claim on a NO Win, NO Fee arrangement

But what does this actually mean? What is means is simple: you won't owe us anything if we lose your claim for PPI compensation.

You only pay us - check our website for our current fee rate - if we are successful in claiming your money back. If you have more than one claim, the fee is based on the total of what you win in compensation. You won't pay for unsuccessful claims.

We have a very high success rate in claiming PPI compensation

This is because we spend time assessing every claim to ensure that there is a PPI policy against which someone has a genuine claim for compensation.

And we can help you. Contact us for a no obligation chat.

The Benefits of Using a Claim Management Company for PPI Compensation Claims

Claim management companies (CMCs) have faced heavy criticism in the past. With little regulation, the industry has grown considerably in the last few years.

Less-reputable CMCs have created a poor reputation of the industry, especially in the poor service that some clients received coupled with high fees.

But, you will be pleased to hear, not all CMCs are the same. PPI Scotland has long held an enviable reputation for providing the best quality service to all its customers seeking redress after being mis-sold PPI.

But, are there benefits to using a claim management company like PPI Scotland? If so, what are they?

Here, we point out the three benefits of using Payment Protection Scotland to make a PPI compensation claim on your behalf;

#1 Experience

Claiming PPI compensation should not be complicated. It should be relatively straightforward: the customer was sold a policy they didn't want or need. Thus, compensation is due.

However, not all cases are straightforward.

There are also cases where people have been duped, offered less compensation than what they were entitled to. It was a claim management company that spotted errors in how one bank was compensation customers and that people were, in fact, entitled to more compensation.

For customers with significant debts, arrears and IVAs etc., claiming PPI compensation can look and feel more complex, which is where a specialist PPI claim management company like Payment Protection Scotland can be instrumental.

#2 Lodging claims

Knowing where to start can be difficult.

If your bank, lender, credit card provider etc. still exist, the channel is obvious: call them, email them, log on to your account and log a PPI claim.

But what about when lenders and finance companies no longer exist as a separate entity? Who do customers of Egg credit cards turn to for PPI compensation?

At Payment Protection Scotland, we know who to chase and where to look.

#3 Advice, assistance and support

For some people, making a claim for PPI compensation can feel like an uphill battle. With official looking forms and jargon, it is a quagmire of information through which you have to wade, unsure that there is any reward at the end of it.

With Payment Protection Scotland, you get all the information you need, great assistance and brilliant support to claim every penny of PPI compensation you are entitled to.

Better still, we offer great advice on a no obligation basis - so contact us now, and let's start working on your PPI compensation claim today!

 

Get Your Money Back – Claim PPI Compensation!

Payment protection insurance (PPI) had become the most talked about financial product in the history of modern-day banking.

If you have PPI on loans, credit cards, store cards, car finance, mortgages or any other financial product and think you may be entitled to claim your money back, read on...

PPI - a product with a BIG problem

PPI was designed to protect the repayments on loans or other credit products. A sensible idea and product to buy, you may think.

Should you be unable to work for a variety of reasons, such as redundancy or illness, having an insurance policy that will continue to make repayments on your loan make financial sense. After all, paying regularly and on time protects your credit rating.

But, the issue with PPI as a product was that as insurance, it represented poor value for money.The premiums were high for very little cover.

And, the pay-out rate on claims that were successful was as low at 15%. Compare that to successful claims on car insurance at a pay-out rate of 85% and you can see what the problem is.

PPI also added significant debt to the loan, making the affordability of loans, credit cards etc. difficult. PPI premiums on credit cards added a large amount to the outstanding debt. Premiums were calculated as a percentage of the amount outstanding on the account each month, so the bigger your credit card balance, the bigger the PPI premium.

A problem with selling

The other issue with PPI was the way in which it was sold. The terms and conditions were also limited, offering that few people cover.

Customers with pre-existing medical conditions were not covered and some medical conditions or illnesses were not covered. Mental health issues that may have prevented you from working were not covered and neither were spinal or back problems.

Another mis-selling issue was the way that some banks and lenders simply added PPI to accounts without consent or permission. This happened most frequently with credit cards.

PPI on loans and other similar products is optional but many customers felt compelled to take out PPI, whilst others were told it was a 'condition of sale'. Some customers said that they felt it was hinted they were more likely to be accepted for the loan if they bought the PPI policy.

Claim PPI compensation with Payment Protection Scotland

If you have taken out a loan, credit card, store card, mortgage, the likelihood is you were also sold PPI too.

Payment Protection Scotland is one of Scotland's leading PPI claims management firms and we can help you claim your money back - call us NOW!

PPI is Not Just a Banking Problem

Payment protection insurance (PPI) is a product that people commonly associate with mis-selling within the British banking industry. To a certain extent, they are not wrong but there are other lenders affected too.

Virtually every bank and building society are affected by the PPI mis-selling scandal, although the severity and scale of the mis-selling of PPI to customers varies significantly from one banking group to another.

But you may be surprised to learn that it also affects large companies such as Argos and Homebase too. An announcement at the start of March 2014 by the company who owns both these brands have put aside £25m to compensate customers mis-sold PPI, have led to some people asking why.

Store Cards and Loans

Here at Payment Protection Scotland, we have always encouraged customers to check all credit accounts and facilities that have had in recent years, including such things as store cards.

Many customers bought kitchens, TVs and larger appliances on credit from either Argos or Homebase using the credit facility that these brands offered at the time.

Home Retail who owns both the brands, accepts that there was a problem, although on a smaller scale than the banks. Its financial arm, regulated by the Financial Conduct Authority, have taken the responsible route of writing to customers.

Just like the letters that banks have sent their customers, if you receive one then you must act quickly if you think you may have some kind of loan or store card with Home Retail and make a claim for PPI compensation.

£25m equates to at least of quarter of the annual profits that Home Retail has made in recent years, therefor it is a significant sum.

If you think you have PPI on an account with Homebase, Argos or any other bank or lender, then now is the time to contact Payment Protection Scotland…

  1. Contact us by using our online contact form or by calling us
  2. Have the details of all your accounts in which you know or think you have PPI on them, including paperwork relating to a new kitchen, bathroom or large appliances in which you paid back in instalments
  3. If you cannot find the details that shows you have PPI on the account, we may be able to help you find this- there are various options for doing this
  4. Once the forms are signed and returned to us, you can sit back and relax and let us do all the hard work!

We promise to stay in touch with you throughout the process as well as working to get the very best result for you - all this for one fee too!

The Top 5 PPI Questions

Sold on a hard-to-imagine scale, payment protection insurance (PPI) compensation has been claimed by a large chunk of the population.

But with 60% of people with eligible claims yet to claim their money back and with a June 2019 PPI deadline looming, we thought we would look at the five most asked questions about PPi and the whole mis-selling saga.

1. HOW were banks mis-selling PPI?

In most cases, banks and lenders did not fully explaining the policy to customers.

For example, they did not tell customers that if they were self-employed, that their claim on the policy was unlikely to be successful unless they closed their businesses down.

Customers were also given the impression that, without PPI, their application was unlikely to be approved. There are cases where PPI was added at a later date and you were simply informed what a great product it was - and not that it was possibly unsuitable.

2. WHY do some reports suggest that the culture of the banking industry at the time lent itself to the mis-selling of PPI?

PPI was a product that the bank liked because for each PPI policy sold, banks, lenders and brokers made a profit.

Employees who sold policies - either face to face or over the phone - were also making commission. in fact, it is now generally accepted that commission rates were way above salary rates.

These two factors combined, as well as lack of a regulator with teeth, presented unfettered opportunity to mis-sell PPI.

3. HOW do I make a claim?

You can contact your bank or lender direct and tell them that you believe you were mis-sold PPI. This can be done via letter. Bear in mind that you need to proof you were mid-sold the policy.

Or, you can get help to a make a claim. We charge a fee for this service, a % figure of the final PPI compensation you successfully claim back.

We are professional and passionate in their dealings with claiming back PPI compensation on your behalf. We do all the hard work, leaving you free to enjoy your compensation when it arrives.

4. WHY have my bank written to be me about PPI?

Back in 2013, banks and lenders were told that they must inform customers that they may have been mis-sold PPI and that they can make a claim. Some banks and lenders sent forms with these letters, inviting you to complete and make a claim.

Ignoring this letter could mean that you have missed out of PPI compensation! If you think you received such a letter, contact us NOW!

5. WHAT is the time limit?

There is a 6 year 'rule'. This means the account needs to have been active within the last 6 years BUT, the Financial Conduct Authority has been clear that anyone with a PPI policy that was mis-sold to them is entitled to make a claim.

Can PPI Claims be Made if You Are in Arrears?

Wondering how or if you are entitled to make a claim for PPI compensation and issues relating to debt are common questions asked of the team here at PPI Scotland. Read on to find out more…

Payment protection insurance (PPI) has made the headlines many times in recent years.

Shortly after the announcement that customers could claim their money back, came other revelations. Customers had not, we were told, been compensated correctly and thus, these customers were compensated further.

What we need to remember is that behind these stories and revelations are people. People like you. Many people have claimed their money back, but there are a group of people worried that this will not be possible for them.

And this is because they are in debt or arrears to their bank or lender.

Does being in debt or arrears make PPI claims more complex?

Not necessarily. We advise that you take your time and check over all the details, as well as any offers of payments.

Some people assume that because they are in arrears they are not entitled to make a claim but this is not the case.

Your debt could have been made worse by the addition of PPI

The cost of PPI in some cases was added in a lump sum on top of the amount you borrowed. Every month, this combined total of loan payment and PPI premium, you will have paid interest.

A £3,000 loan may have been affordable but with PPI added to it, along with the interest, the monthly payments would significantly increase.

This meant the amount you paid back was larger than you expected. As you were tied into the loan, you had no other option but to pay it.

You may have missed some payments and fell behind. Now added were costs and late payment charges making your situation worse.

And the spiral continued.

You CAN make a claim for PPI compensation

PPI claims can see a large proportion of this loan written off, especially when you also factor in the costs and fees that are also claimed back as part of your PPI compensation claim.

Irrespective of whether you are in arrears of not, if you were sold a PPI policy that was not right for you, you ARE entitled to claim your money back. This is YOUR money and the bank unfairly took it from you.

If you have an IVA agreement, we will need to discuss your claim further but you are still entitled to claim PPI compensation if the product was mis-sold to you.  

Call our knowledge team today for a no obligation chat on claiming your money back.