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The PPI Saga – Like a Plot from a Novel!

Everyone loves a good page-turner, a book that when you have finishes reading it, leaves you sad that you will no longer have this wonderful world to sink into.

Many people feel like this about the PPI saga, although not for the same reasons. Banks and lenders can't wait to see the back of the whole embarrassing episode, and the consumer is also apathetic about PPI, the marketing texts, phone calls and emails they have been subject too.

As much as we may deride these PPI adverts on TV, radio and online, they carry an important message:

These adverts are STILL appearing because of all the consumers with a claim for PPI compensation, only 40% have made a claim. So why are the remaining 60% no claiming their cash back?

Consumers not understanding HOW or WHY the PPI mis-selling saga affects them

Payment protection insurance (PPI) was sold to consumers as the product they needed or must-have in order to protect repayments on the loan or credit card.

On the face of it, this sounds like a great idea. However, the problems start when you consider that the insurance product was not suitable for everyone - but was sold nevertheless.

For example, if you had a pre-existing medical condition, this was unlikely to have been covered by the PPI policy butyou were probably not told that.

You were also probably not told that there wereother significant exclusions.Being self-employed was one of them - if the policy did cover you, you were unlikely to have agreed to the policy if you knew the terms and conditions of making a claim.

There were also things likethe level of commission on the sale of a PPI policy not being disclosed, and the fact that the PPI policywas added to your account automatically or without your knowledge.

The point is simple - no one, not even a bank, can foist a product or insurance policy on you without your express consent. They may insist you have an insurance policy to cover repayments in the event you cannot continue to make them, but they cannot force you to buy their own policy over and above anyone else's.

Consumers unsure how to claim

Although we are told time and time again that claiming PPI compensation is simple and relatively straightforward - at this point in time, we have not seen overly complex cases at all - many consumers are still unsure or not confident to deal with what they see as, a mountain of paperwork.

As a claim management company specialising in PPI compensation claims, we can help. We do charge a fee for our professional service which you can find out more about when you call us.

Start your PPI compensation claim with Payment Protection Scotland today.

Unsure About HOW to Claim PPI Compensation?

We have all the information that you need! Browse through out list of what to do (and what to avoid) in order to claim your money back…

DO check out how your bank or lender is accepting PPI claims

Banks and lenders have been told by the banking regulator to make claiming PPI as easy and as simple as possible. This means making PPI compensation claim forms and information on how to make a claim readily available.

Most banks and lenders have these on their website. In most cases, you don't need to phone them and with some lenders, you can log your claim online too.

DO turn to the right people for help

The internet is a wonderful place BUT, it can be full of misinformation and wrong turns. This is why if you are unsure of any aspect of advice or help, you turn to the right people.

Claim management companies are, in the main, professional, expert and reputable companies who specialise in all kinds of compensation claims. Choose one that has a long and successful track record with PPI claims, like PPI Scotland.

DO make a claim for PPI compensation

If you think you have been mis-sold PPI, don't let the bank get away with it! Make your claim. You could be entitled to thousands of pounds in premiums, interests and any costs or fees incurred on your account as a result of PPI being added to it.

DON'T let the banks get away with it

Banks and lenders knew that PPI was not a policy that was suitable for the large majority of customers to whom they sold it. For example, banks knew when people were self-employed but this didn't stop them selling a policy that was not really suitable for self-employed people.

DO claim, even if you agreed to PPI

Many people assume that because they agreed to PPI, they don't really have a claim. The point is, that many banks and lenders didn't give you the full facts about the policy and so what you agreed to, is not the policy that you were paying for.

For example, if you knew that the policy did not cover your existing medical condition, would you have still bought it? The likely answer is no, as the one thing that could stop you from working and therefore making repayments on your loan, would not have been covered by the policy.

DO call Payment Protection Scotland

We have a long, successful history of helping people claim their money back. From a few hundred pounds, to thousands of pounds, there is PPI compensation with your name on it!

Financial Ombudsman Still Inundated with PPI Claims

Could yours be next?

The payment protection insurance (PPI) scandal has left British banks and lenders footing a £37 billion compensation bill. And this amount is set to escalate according to the Financial Ombudsman Service (FOS) who revealed that they are still being inundated with cases claiming PPI compensation from disgruntled customers.

The first half the year saw FOS deal with over 91,000 PPI complaints, a shortfall of only a thousand on the figure for the same time in 2015.

It had been a long held belief that there would be a dramatic drop in PPI compensation claims through FOS but this has proved to be wrong. PPI complaints peaked some years ago but they have been receiving 3,000 complaints a week for the last six years.

FOS also say that the issues and uncertainties around PPI still remain a challenge for all involved, including themselves.


The banks have long been lobbying for a PPI compensation deadline, a date by which time anyone intending on claiming their money back must do so. Initially reluctant, the Financial Conduct Authority (FCA), The City regulator, has decided that this is possibly the best course of action to jolt customers out of apathy.

That said, the FCA has stunned the banks and lenders by suggesting a deadline of June 2019, a date that is over 2 and a half years away, a larger slice of time that the banks had hoped for. They were keen on a sooner date, possibly the spring on 2018.

Increase in provisions

This later date of June 2019 will no doubt mean that banks and lenders will have to put aside yet more cash into their PPI compensation funds, something that will continue to hit their profits.

But who did customers complain about most when it came to PPI compensation claims? The figures released by FOS show that the majority of complaints they dealt with relating to PPI in the first half of 2016 related to Lloyds and its subsidiary, Bank of Scotland. The combined group saw 33,984 PPI complained, compared to 9,371 PPI regarding Barclays, 6,975 at HSBC and 2,756 at Nationwide.

The uphold rate has changed slightly, from 7 in 10 claims being upheld, to 6 in 10 complaints being found in favour of the customer.

Is your case one of them?

Before you submit a complaint about PPI to FOS, you first need to approach the lender or bank that you believed mis-sold PPI to you.

If you are unsure how to do this, why not call Payment Protection Scotland now?

Making the Most of PPI Compensation

For many people, the thought of enjoying a windfall of cash can seem like a distant dream. For some, it can be too big a gamble to take, assuming that to claim PPI compensation it will cost them a fortune. Thus when their PPI compensation cheque hits the doormat, there will be nothing left.

But as you will see, making a claim for mis-sold payment protection insurance (PPI) is not the gamble that you think it is.

Most people are entitled to PPI compensation

PPI was a policy that was mis-sold alongside a variety of loan, credit cards and other credit products. This is why you are likely to have more than one policy as PPI was debt-specific. In other words, if you had a store card, PPI was likely to be on that as well as on the car finance loan you had.

Therefore, you have more than one complaint to lodge, possibly with more than one lender too.

PPI was mis-sold to thousands of customers which is why the average PPI pay-out is around £2,750 per person as an average of the number of PPI policies sold and the number of customers affected.

But, you could be entitled to much more PPI compensation or you could get a lot less. From a few hundred pounds to thousands of pounds, it is your money and youshouldclaim it back.

In most cases, if you do have a PPI policy, you will more than likely be able to claim back every penny in premiums that you paid, as well as 8% interest and any costs or fees incurred as a result of PPI being added to the account.

What can you spend PPI compensation on?

You decide how you want to spend or invest your PPI windfall. Here are a few ideas;

  • A large proportion of people enjoyed a holiday abroad
  • People also bought white goods, such as new washing machine, fridge freezer and so on
  • There were undoubtedly many shopping sprees too, with people snapping up the latest fashions
  • Also tellingly, many families enjoyed a food shop without worrying about the final bill at the till
  • Some people also put the money way, saving for a rainy day

There is a deadline looming (possibly)

The PPI saga has been rumbling on for some time and the Financial Conduct Authority has decided that it can't continue for ever. There is expected to be a firm announcement soon relating to the proposed PPI deadline.

But, get you skates on and start making a claim for PPI compensation today - call Payment Protection Scotland.

Is the PPI Landscape About to Change Again?

The mis-selling of payment protection insurance (PPI) and the subsequent compensation process has changed the banking landscape in the UK.

Some say that the PPI mis-selling was and is symptomatic of a banking industry that had become too powerful, with no real organisation to whom it had to answer.

However, the landscape has changed and it could be changing again…

June 2019 - save the date!

Coupled planning on tying the knot will send out 'save the date cards' to family and friends and in a way, the Financial Conduct Authority (FCA) did the same thing some time ago. Although they had previously been unsure about imposing a PPI deadline, realising that they were fighting a growing sense of apathy amongst consumers, they decided to act.

Their solution was to tell people by when they needed to make a claim and although most people thought it would be summer 2018, the FCA sprung a surprise with its 'save the date' cards. They suggested another year on top of this, suggesting that June 2019 was a better deadline date.

The banks react

The banks reacted with a certain sense of shock, surprise and bewilderment. They had supported (possibly suggested) summer 2018 and were gearing up their resources and campaign strategies to give money back to their consumers but, with the shock announcement of June 2019 being the date, they were unsure as how to react.

And this in itself should give people confidence in the FCA. Although it can be argued that the FCA are pandering to the banks by imposing a deadline in the first place, their strength in the face of pressure from the banks to impose their favoured deadline is a sign of how much the British banking industry has changed - and how much it has been forced to change.

How this impacts on YOU!

The FCA is expected to make an announcement on or around 11th October 2016 and Payment Protection Scotland will be at the front of the queue when it comes to bringing you the news that affects you and your claim.

But our suggestion is this: if you have a claim for PPI compensation don't wait for their announcement or for the deadline. Start your claim right away.

Simple, straightforward claims can be resolved within weeks but if there are issues, your case may need to be referred to the Financial Ombudsman.

As yet, we do not know the rules of the deadline but don't fall foul of them, make your claim today!

What is all the Fuss About?

The mis-selling of PPI is a saga that has been running for some time now so much so that you may be slightly bored or even irritated by the constant advertising relating to PPI compensation claims.

But why has the saga rumbled on for so long? And, with the possibility of a PPI deadline in sight, what could happen between now and June 2019?

The PPI saga is the biggest scandal to have rocked the British banking industry -EVER! It started back in the mid-1990s and is still with us today. But as 2016 begins to draw to a close, it may be that the end is nigh for PPI compensation claims.

Concerns were raised by customers themselves, as well as consumer groups and organisation that monitor competition (or lack of) in certain sectors and industries.

Banks were selling an expensive product - payment protection insurance (PPI) added a significant amount to someone's loan or credit card. But it wasn't just the cost that was the problem.

The length of time it took to make a claim on PPI was also a long and complicated processes. To top it all off, research has found that only 15% of claims made on PPI policies were successful. But by the time people got their money, almost 12 months could have passed.

And there were other criticisms of the PPI policy too. It was felt that the way it was being sold was contravening rules on fair selling. Some customers were told they had to buy it, others were given the impression that if they didn't, they wouldn't get the loan so needed.

There were many arguments and counter-arguments but, in the end, common sense of legal rights prevailed - PPI had been mis-sold and yes, customers were entitled to their money back.

This means people were entitled to all their premiums, along with interest at 8% and any costs or fees incurred by PPI being added to the account or accounts.

Is the end for PPI compensation claims in sight?

There is an announcement expected any day with regard to a PPI deadline which the Financial Conduct Authority hinting strongly that June 2019 will be cut off point for PPI claims.

The banks are not keen on having what they see as yet another 3 years of claim after claim after claim, but consumer organisations point out that at this moment in time, only 40% of people with a claim for PPI compensation have made their case for compensation.

Are you entitled to compensation? Find out TODAY by calling Payment Protection Scotland.

Should I Ignore Texts I Receive About PPI Claims?

Everyone with a mobile phone in the UK will have received at least one text relating to PPI compensation - even the former head of the Financial Conduct Authority, Martin Wheatley, received them!

They are the texts from an unknown company, informing you that there is a cheque or a pot of cash with your name on it, because everybody - or so they say! - is entitled to claim PPI compensation.

Or, they will text telling you with an authoritative tone that 'we know now how much PPI compensation you are owed'. They will then invite you to call and they can transfer the monies to you.

But it rarely works this way. These texts are from companies touting for business. They hook you by promising you a large sum of money, along with the fact that you don't have to do anything. Who wouldn't love easy money?

Following up these texts can also land you with a big bill, for both their 'services' as well as returning premium rate calls via your mobile.

What Should I Do?

Ignore them. And this is sound advice based on facts;

  • No one knows how much compensation you are entitled to -until they look in to your case
  • No one knows if you have PPI policies -until they objectively assess your case
  • Financial and personal information should not be sold -thus, your bank or lender will not tell them if you have PPI, how much compensation you are owed unless you give a third party or claim management company the authority to act on your behalf.

Finding a Reputable Claim Management Company

Unfortunately, as in all professions, some companies act ethically and morally better than others. Some companies just want to take your money and do nothing in return; it is these companies that give the profession of claim management a bad name.

However, for some people, it makes sense to use a reputable claim management company. This could be because of lack of time, or confidence or just the feeling that they would like someone else to do it.

So, how do you find the best claim management company;

  • Look for an assessment process -any company that promises or guarantees success may not have your best interests at heart. Look for a company that starts the claiming process by assessing whether you have PPI and, if you do, how much compensation is due to you.
  • A high success rate -you would think that this is obvious but the real reason to look at this is an indication of how well a company assesses claims. If they don't advertise their success rate on claims, ask them what it is.
  • No win, no fee -which means exactly what it says. But check what the fees are before you sign up.

Payment Protection Scotland can help - why not call us?

PPI Deadline – What Does the Marketing Campaign Need to Look Like?

On October 11th 2016, the consultation period on whether or not to introduce a PPI deadline in June 2019 will come to an end.

The consultation is being led by the Financial Conduct Authority. They are the regulatory body that keeps a close eye on banks and lenders, and how they operate etc. They came into being as a result of the PPI mis-selling saga which, some say, would have been avoided if there was a banking regulator who could hold banks and lenders to account.

A long, long history

The issue of PPI, the way it was being sold and how expensive it was, was raised back in the mid-1990s. It wasn't until 2011 and after several legal wrangles and reviews that the banks lost their fight NOT to compensate their customers for mis-sold PPI.

Since 2011, banks and lenders have compensated customers to the tune of £24 billion, a figure that is set to carry on rising until the proposed June 2019 PPI deadline rolls around.

Not just a deadline

The banks want a deadline that is much sooner than June 2019 - they were hoping for summer 2018 but the FCA say they have many concerns. They want the PPI saga to be brought to an orderly conclusion but also want everyone who is entitled to claim PPI compensation to do so.

You would think that everyone would be claiming their money back but, figures show that just under half of those people with PPI policies have made a claim for compensation.

So why haven't the other people claimed their money back?

  • Apathy

Apathy occurs when something looks too good to be true or people assuming that good things only happen to others, or a combination of such attitudes.

Don't forget that the PPI compensation process has been rumbling on for eight years or more, so people assume that it affects everyone but themselves.

  • Time

The fact that the PPI saga has been rumbling on for so long also contributes to people not really understanding that it affects them.

  • Unaware

Some of the 60% of customers affected by PPI who haven't made a claim could actually be completely unaware that they have a claim because they don't know they have a PPI policy attached to their loan product and so on. Any marketing campaign will need to be robust in order to convince these people to take a second look.

Payment Protection Scotland can perform a no obligation PPI check, helping you to understand if you have a PPI policy and, if you have a claim for compensation as a result of mis-selling. Find out more right now by calling us.

Were all PPI Policies Mis-sold?

The answer to this question and more, including what you need to do before June 2019.

Of the 53 million PPI policies sold in the UK, how many were mis-sold?

There are no hard and fast figures relating to this but, most experts agree that of these millions of policies sold to thousands of customers, the vast majority were mis-sold.

What does mis-sold mean?

Mis-sold means that the bank or lender representative sold you a policy knowing that your circumstances meant you were unlikely to a) be able to make a claim or b) be covered by the policy.

For example, selling a PPI policy to someone over the age of 65 years constitutes mis-selling as the policy does not cover those over this age. Banks and lenders knew this, but sold it to people 65 years + regardless.

What other criticisms are there of PPI?

There were a few issues raised back in the mid-1990s;

  • Expensive - one gripe which came to light early on was the cost of the policy when compared to the sparse cover that it offered. Customers would have been better shopping around for a cheaper policy with better cover.
  • Claiming process - if people did make a claim, not only were they unlikely to be successful, the claiming process against the policy was overly long and overly complex. People who were successful in claiming on their policy waited months for a pay-out.
  • Sold as a package - many people felt compelled to buy PPI as they assumed it was part and parcel of a great deal they were getting from the bank. If they refused the policy, some people felt their application for credit was looked on less favourably.

Has much changed since the PPI scandal broke?

There have changes in regulations, as well a practice and a significant shift in attitude; whether this lasts remains to be seen.

Banks were initially reluctant to take responsibility for the wholescale mis-selling of PPI but over the years, they have come to realise how bad this scandal has made them look. They are now actively seeking ways of improving customer trust, something that has been severely dented by the scandal.

The industry regulator has also been 'beefed up'. The Financial Conduct Authority (FCA) know has more regulatory powers than its predecessor, the Financial Services Authority. Initially, the FCA took a hard line against banks and lenders but, with a new head in place, this attitude is beginning to soften.

The way in which products are sold has also changed but consumers are also now more aware of how and when banks can sell them policies in addition to the main financial product they have bought.

What do I need to do before June 2019?

Make your claim for PPI compensation because after this date, it could all be too late…

The June 2019 PPI Deadline – Will it Happen?

When the Financial Conduct Authority (FCA) announced they were consulting the banks, lenders and consumer groups on imposing a PPI deadline, there were arguments and counter-arguments for and against the move.

With the consultation period expected to end on October 11th this year, many people are left wondering, will the deadline be imposed. And, if it is, what will the next two years look like?

Why impose a deadline?

Up until this recent announcement by the FCA, there had been widespread derision about the idea of imposing a PPI deadline. The banks, as you would expect, had been lobbying for a PPI deadline for some time.

Many consumer groups were - and still are - against a PPI deadline and underlying their argument, is one key fact, as they see it;

The poor PPI compensation claiming process that banks and lenders present to the customer

Some consumer groups, such as 'Which?' say that the PPI compensation process direct from banks, lenders and financial institutions are not clear. The process is also long and cumbersome, especially when, the consumer groups say, that the banks already know who they owe money too.


In most cases, if someone has a PPI policy, they will be due compensation. Although there are millions of PPI policies sold - 53 million approximately - not everyone is due compensation; that said, the vast majority of these 53 million policies have been mis-sold to people.

However, the PPI mis-selling saga had been running for some time now and, say the banks and lenders, there is a state of apathy amongst the British public.

It is easy to see why. With the story of thousands of people claiming their money back almost looking too good to be true, many people assume that it is. After all, don't good luck stories happen to other people…?


Although the FCA say there is going to be a marketing campaign to ensure that everyone knows about the deadline and how to claim their money back, many people are simply unaware that they have a claim.

This is because PPI was added to their accounts after they had taken out the credit product. This also happened with online credit card applications in which the 'opt in to PPI' box was already ticked. If you failed to read through the reams of small print, you were unlikely to come across it.

Will the PPI deadline of June 2019 happen?

There seems to be agreement that a PPI deadline will now happen and the FCA has muted the idea of June 2019. The banks want to impose a shorter deadline but consumer groups say that if a deadline must be imposed, the further away it is, the better.

But don't wait to make your claim for PPI compensation - call Payment Protection Scotland today.