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Could You Be in Line for MORE PPI Compensation?

The announcement of a PPI dealing of 29th August 2019 has sent a shock wave through the consumer organisations and lenders alike.

Banks wanted an earlier date whilst some consumer organisations didn't want a deadline at all. But, if the Financial Conduct Authority thought that imposing a deadline would be trouble-free, they were very much mistaken.

The deadline - what it means

The deadline means that anyone who wants to claim compensation for mis-sold payment protection insurance (PPI) has until 29th August 2019 to do so.

After this time, it will be too later to open a new case. This means checking NOW if you have a claim and if you decide to pursue compensation after being mis-sold this now infamous insurance policy, then you must do so before this date.

Cases that have been opened before 29th August 2019 but have yet to be resolved will continue in the system until the matter is settled, either in your favour or against. You can still refer the case to the Financial Ombudsman if you feel the decision being against you is unfair.

The deadline - one significant benefit to consumers

The deadline has been met with derision by many consumer groups. The only group who seems to have taken a more cautious 'it may be a good thing for consumers' is Citizens Advice.

However, the fast majority of consumer groups and financial market experts are saying that in their eyes, imposing the deadline is a premature move. This is because, they say, under less than half of the people who have and eligible claim for PPI compensation have yet to lodge their complaint.

If all these consumers decide to claim pre-the deadline date, the system will be swamped.

But, there is one golden ray in the announcement of the PPI deadline. And that is that the FCA has made their decision on how the findings of the Plevin Vs. Paragon case is to be applied.

You may re-call the Plevin case. The defendant argued that if she had known how much commission was being paid to the broker for arranging the PPI policy, she would have questioned the cost of it.

The court agreed and now, if the bank, broker or lender failed to disclose that more that 50% of the cost of PPI was in commission, you will now receive this money back too.

What should you do now?

Banks and lenders should be writing to you to tell you this new ruling.

But if you are ready to make your PPI compensation claim, you may need our help. Call us to find out more about our no win, no fee service.

Is Payment Protection Insurance any Good?

There many insurance products that you can buy in to that cover all kinds of eventualities. From life insurance cover to critical illness insurances, there are many products, many brands and different levels of insurance cover, all at differing costs.

PPI was one of them. Despite is poor reputation as a result of the mis-selling scandal, it is possible to buy PPI. In some cases, it may be the right insurance policy for you.

Clearly, protecting the things we love and own is important. There are some insurances that are more important than others. Some insurances are compulsory;

  • Car insurance- compulsory and essential, driving in an uninsured vehicle will lead to serious consequences.
  • Buildings and contents insurance- important too, should anything structural happen to your property or should there be issues with the contents of a property and so on. Some mortgage companies will insist you have buildings insurance to cover the cost of re-building your property.
  • Critical illness cover and so on- protecting ourselves is important too, especially if one person is responsible for paying the mortgage and so on. This type of insurance can give us peace of mind.
  • Income protectioninsurance- is similar to critical illness cover but covers you to the level of your income.

With any kind of insurance policy, seek independent financial advice to make sure that the policy is the right one for you.  

So, there is nothing wrong with PPI?

There may be some instances in which PPI is the right policy for someone to have. There are all kinds of variable and factors that affect this decision;

  • Benefits from work- many people a generous benefits package from work which should be considered. For example, if you are off ill for any length of time, you may enjoy 3 months' full salary from work before your income drops. This means you won't need a PPI type or income protection policy to kick in until after 12 weeks.
  • Check the insurances you already have- PPI in many cases was a duplicate policy. This means banks forced it on people, telling them that other insurance products were not good enough. They also said that a customer needed to take out the bank's own PPI product.
  • Value for money offered- PPI in the case of mis-selling was expensive and poor value for money. In other words, you were paying a hefty monthly premium for little cover.

Can you claim PPI compensation?

It may be that you can claim back all your PPI premiums, along with any other costs and fees including the commission paid if it was more than 50% and you were not told this.

There are many reasons why PPI was mis-sold. Many people - just like YOU! - have genuine claims for compensation. Are you one of them? Find out by calling Payment Protection Scotland today.

Do you need PPI?

The scandal surrounding the mis-selling of payment protection insurance (PPI) cannot be avoided, more so now that the August 2019 deadline has ben announced.

It seems that on a regular basis, articles appear in newspapers and on the web about the mis-selling of this insurance product.

Many people have already claimed compensation but many more are yet to do so - are you one of them?

PPI is still a genuine product but, like all insurance products you need to be sure that the policy provides the cover you need.

What is PPI?

PPI is designed to cover the payments on your debts - such as loans, mortgages, credit cards etc. - should you be unable to work due illness, accident or redundancy.

The policy will make repayments on the product it covers but for a limited time and dependent on which company is providing your cover.

In some cases, PPI payment cover lasted for 12 months, whilst other policies stretched to 24 months.

What PPI does not cover

It is suggested as with all insurance products, that you examine in detail what is and what it not covered.

In most cases, a run-of-the-mill PPI policy will not cover:

  • The first 90 days or 12 weeks after you have stopped work - you will need to make any payments on the loan etc. up to this point. Can you afford to do that with less or no income?
  • Various illnesses are NOT covered - check these exclusions carefully, as they may include illnesses you could be 'prone' to.
  • Pre-existing conditions or illnesses you already know about and this means the most likely reason why you cannot work is not covered.
  • PPI will not provide cover for those who are retired but the bank still sold it to you…

Do you NEED PPI?

PPI can be useful in certain circumstances, e.g. you have a credit card, loan or mortgage and you want or need an insurance policy that will cover your repayments on one of these products.

However, considering the numerous exclusions and specific cover offered by PPI, you should check carefully if the PPI policy is providing an acceptable level of cover.

Some people have benefits with their employer that makes PPI surplus to requirements. These benefits may include;

  • A comprehensive employee benefits packages such as sick pay being your full salary for 6 months.
  • You may have savings which would, in the short term, be enough to make any payments
  • Your partner's income would be sufficient to make payments on your mortgage etc.

Were you mis-sold PPI?

PPI can be, for some, a useful product.

However, the wholesale mis-selling of the insurance has given it a bad name as an insurance policy, with many customers questioning its worth.

Payment Protection Scotland is a specialist claims management company, offering a PPI claims service to customers from across Scotland.

With no upfront fees, you can be confident in the service that we offer. Contact us TODAY!

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

The announcement of a 2019 PPI compensation deadline announced a few short months ago, the debate around PPI has been re-ignited.

What dominates the headlines this time is the fact that less than half of those entitled to make a claim for PPI compensation have done so.

So, check again - are you really sure you don't have a claim for PPI compensation?

Have you been in receipt of a loan, had a credit card or store card or opened a newmortgage in the last 12 years or so?

The likelihood is that most people have some form of credit facility with a major bank or lender in Scotland as well across the UK.

Banks make their profits by lending money to customers and they made gigantic profits on the back of selling PPI to customers. If you knew the majority of the cost of PPI was profit for the bank, would you have still bought and at the price they were charging?

It is NOT a complicated process...

If you find you have 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 four top mis-selling reasons being;

  1. You were unaware you had bought PPI- in some cases, the product was automatically added to the account without your permission.
  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 insurance cover in place therefore did not need an additional product.
  3. 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 selling practice and simply not allowed. Credit is based on your credit rating, nothing else.
  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.
  5.  I have no paperwork or policy numbers

It may still be possible to make a claim. You can pursue this yourself or you can engage the services of a specialist claims management company like PPI Scotland.

We charge a fee for our service which we will clearly explain to you if you decide to proceed. This is a flat fee, although we charge on a no win, no fee basis.

Contact us today, to talk to our friendly team about making your PPI compensation claim today.

Is The August 2019 PPI Deadline Looking Shaky Already?

There has been talk for years, mainly by the banks, for a need for a PPI deadline to bring, so they say, a line under the mis-selling of PPI debacle.

Until last year, everyone, regulators and consumer organisations included, declined to set a deadline. But the attitude of the Financial Conduct Authority (FCA) changed.

With a new head in place, it seemed that the PPI debacle was going to come to a force end, with the imposition of a deadline.

In March 2017, the FCA announced that the last day for new PPI complaints to be lodged as to be 29th August 2019.

But as soon as the deadline was announced, critics started to question the real reasons behind the deadline. Is it, as the FCA says, to protect consumer interests or is it to protect the balance sheets of the banks and UK lenders?

Attempted Block

Whilst some criticised the deadline, others took action. A claim management company (not Payment Protection Scotland) has formally written to the Financial Conduct Authority registering their opposition to the deadline, This could potentially force the deadline to an official judicial review.

What is a 'judicial review'? Could it spell the end for the August 2019 deadline?

The claim management company involved believe that the deadline is 'unlawful' and this is why they are a seeking a judicial review.

A judicial review is a type of court proceeding where a judge looks at the lawfulness of a decision or an action made by a public body. In this case, the judge will consider where the FCA has acted lawfully in imposing a deadline for PPI compensation claims.

The first stage in this review process is for the person or organisation challenging the decision to send what is known as a 'pre-action protocol letter'. This is the letter that pre-warns of the coming legal challenge.

In their pre-action protocol letter, the claim management company argues that the introduction of the deadline is not being set in the best interests of the consumer, who are still owed as much as £80 billion.

The FCA were given until Sunday 16th April to respond, although the claim management company did say they would grant an extension if the FCA asked for one. As yet, there has been no further response publicly from either party.

If the FCA don't respond, the claim management company bringing the action have warned their intentions are serious and they will push for a judicial review.

Although some have criticised the claim management company - by getting the deadline lifted they would face making more money from PPI compensation claims but as they pointed out, they felt there was a stronger, more compelling ethical argument that consumer rights to claim PPI compensation were not being met by the banks. Their main concern is that the banks are not forthcoming in notifying people that they have or had PPI, and they could have a claim.

If you think you have a claim for PPI or would like to know more, call our team today.

Your PPI Questions Answered

Even though the PPI mis-selling debacle has been around for some time, there are still many questions that can remain unanswered. Take a look at some of the questions our team are frequently asked;

#1 How long does a PPI compensation claim take?

Once we send the letter of complaint on your behalf, the lender will typically take between eight and 12 weeks to investigate your claim and reach a decision.

What can add to this time is when we need to trace accounts and lenders on your behalf. We do this as quickly as possible so that your letter of complaints can be submitted to a lender or lenders, and your compensation paid.

However, if you decide to raise an appeal with the Financial Ombudsman if the bank refuse your claim, this can take many months. This is because the ombudsman is swamped with claims relating to PPI compensation, as well as cases concerning other financial products.

#2 How far back can a claim go?

PPI was mis-sold from the 1990s onwards and despite objections raised in the early to mid-2000s, it was a financial product that was still being sold to people who would not have been covered by it. The selling of PPI didn't stop until 2010.

There is no limit on how far back your claim can go which is why we encourage anyone who thinks they may have a claim to call us.

#3 What if I have no paperwork?

This is common problem for many people but it is one that we can help with.

You will need to call our team who will talk you through the process. As long as know who the lenders were, we can issue a Subject Access Request instructing your lender to send us the information we need to assess your claim.

Financial companies must keep records of transactions etc. for the past six years. It may be that if your account was closed more than six years ago, they may not have a case to send us. However, we have helped customers with claims dating back 20 years.

It will take longer and take more perseverance on your part and ours, but we will do all we can to help you make a claim as getting your money back is important.

#4 I have an IVA. Can you still help me?

We can work alongside you to make a claim but you will also need to be up to date with your payments under the Individual Voluntary Agreement and should also consult your debt advisor before making a claim.

At Payment Protection Scotland, we have already successfully claimed back PPI compensation for thousands of customers. Are you next?

 

When is The PPI Compensation Deadline?

It is the news we have all been waiting for. The Financial Conduct Authority has announced the date by which consumers who want to claim PPI compensation should lodge their complaint by.

It may look, feel and sound far away - 29th August 2019 - but there is a lot to be done before the last Thursday of August in 2019 rolls around.

A Promotional Campaign

Like many other reputable and professional claim management companies specialising in PPI compensation claims, we have, over the years, attempted to provide all our customers and interested parties with as much information relating to PPI compensation claims as possible.

We have encouraged people to check all their paperwork and documentation for PPI. We have encouraged people to contact their bank or lender to ask about PPI and whether a policy was applied to their accounts.

But whilst some people followed these suggestions, there were barriers to others;

  • Not understanding that the problem with PPI applied to them - many people are STILL unaware that they had a PPI policy.
  • Uncertainty on dealing with banks and lenders
  • Lack of time to pursue or chase the bank or lender to give them the information they needed
  • Apathy - the PPI debacle was so big that 'it was almost too good to be true'

But as part of the 29th August 2019 deadline, the FCA has promised an all-reaching promotional campaign that will ensure everyone is encouraged to make a claim for PPI compensation (if they want to).

Preparation… And Then the Hard Work Starts!

The FCA announced the deadline toward the end of March 2017 but with everything else happening in our tumultuous world - terrorist attacks at home and abroad, announcements of snap general elections and so on - the news of the dealing failed to make the headlines.

And this concerns us.

Will the promotional campaign make the headlines? Will people be made aware of the PPI deadline, its importance to them and their potential compensation claim?

The FCA say that the banks and lenders need time to make changes, especially as they may also be contacting and compensating customers on commission payments relating to PPI policy sales.

The FCA say that they too, need time to organise and approve the upcoming promotional campaign, said to be in the hands of a leading advertising company.

But, they say, within three months of the announcement of the deadline, the hard work on making sure that everyone gets their money back starts.

What to Do Now?

Claim your money back. Call Payment Protection Scotland NOW!

Your PPI Compensation Journey

Claiming back PPI shouldn't be be a long, arduous task.

With the help of Payment Protection Scotland and the Financial Ombudsman, if needed, you will have a definitive answer within months as to whether you have a claim for PPI compensation or not.  

But why are some people finding that it is not as straightforward as it should be...

1. The banks and lenders are not always very forthcoming with information

You may have moved since you took out the loan, losing the original paperwork or because you had paid the loan or credit card off, you ditched the original paperwork… There are many reasons why you may not have all the paperwork for every loan, credit card, car finance, store card etc. that you have ever had.

Some banks were (and still can be) slow-coming when it comes to giving you all the information you need. If they seem to be dragging their feet, a stern reminder that you can take your claim and complaint to the Financial Ombudsman should do the trick.

Banks and lenders do have the information that you need - and the Financial Conduct Authority has told them to get the situation sorted!

2. Proving you were mis-sold the policy

There is a whole list of mis-selling reasons but saying;

"you sold it me, I didn't want it and it is no good for me because..."

is good enough. You need to be clear, succinct and confident that you were mis-sold the policy.

3. It takes ages...

It shouldn't.

Banks, lenders and all building societies have very clear guidelines for responding to customers who are seeking financial redress for a mis-sold financial products including PPI.

They have 8 weeks in which to respond to your letter. They may say something along the lines of it 'we are looking into it and will contact you with our decision by...' or, it could be a very quick 'yes and here is your cheque'.

Or it could be a flat-out refusal.

If it is a refusal, the banks or lender must clearly tell you why and on what evidence they have based their decision.

They must show that they have objectively looked as your case and not just sent out a general rejection letter. In other words, the letter should be personalised to you.

Many people lack the confidence to take on banks and lenders; they feel flustered by the jargon and the formality of it all. Payment Protection Scotland are smashing these barriers -

  • Our forms are simple, short and concise - you sign, give us the information we need and we act on it
  • Yourletter of complaint is written by your case manager - no duplicate, bog standard PPI compensation letters
  • Our service is offered on a'no win no fee' basis - no money upfront and we will be working on your behalf quickly

Offering a fair, honest and professional service, we have a clear and transparent charging process too. To find out more, call our expert tea, today.

HOW do you know if you really have a claim PPI compensation?

If you have a personal loan, credit card or mortgage, and find that you have PPI on these accounts you may have a claim for compensation.

Many consumers were unaware they had taken out a payment protection insurance (PPI) policy.

Other consumers we have helped were unaware that within their monthly repayments, a large slice was used to pay for a policy that they had not agreed to, didn't want and didn't suit their needs.

You need to check the small print as this is a clear indication that you are entitled to PPI compensation

Another mis-selling reason is that the policy was not fully explained or described to you.

For example, did you know that existing medical conditions were excluded under the policy? Clearly, if you were unable to work due to this illness, any attempt to claim on your policy.

That would mean a nasty surprise - no cover, no payments made and you unable to work.

Bad back? Mental health issues? PPI didn't cover you but were you told that?

Employment status had a bearing too

People who were retired, self-employed, freelance, in seasonal work, worked less than 16 hours a weel or working zero-hour or temporary contracts were also sold the policy even though the terms and conditions are quite clear that the policy didn't cover hours or work of this nature.

However, these conditions were not made clear to the consumer and they bought the policy anyway, thinking what a good thing it was to protect their repayments.

Were you working less than 16 hours a week? Or maybe you run your own business? PPI was mis-sold to you!

Why using Payment Protection Scotland could give you a distinct advantage

  1. We are a reputable and trusted company, with ahigh success ratein helping people claim PPI compensation. We know is a direct result of having a robust assessment process at the start of the claim process.
  2. Being experienced in PPI claims, we can also take on complex of claims, calculating how much compensation you should be receiving. Single premium policies (most of which have now been compensated) are simple enough to calculate but as PPI was charged as a % on credit card balances, they can be more difficult to accurately calculate
  3. We have some of the best staff who know the ins and outs of the banking and finance industry. We are not baffled by long winded explanations from banks as to why they will not pay PPI compensation.
  4. If your bank refuses compensation but we are confident you have a case, we will encourage you to refer the case to the Financial Ombudsman, a service we also provide.

Call us and get your PPI compensation claim rolling today!

PPI: What Has Changed?

Payment protection insurance (PPI) was mis sold to thousands of customers.

Compensation is now rolling freely to most customers, although some are having to fight to get their money back.

With a PPI deadline on the horizon, many are asking the question - could it happen again? What have we learnt from the PPI debacle?

Advised Sales

At one time, customers were advised by the banks representatives to buy a PPI policy. But there was a problem with this -  the advice the customer received was not written down.

If any bank, lender or building society recommend or advise a product to you alongside the main loan or other product, they must tell you why and do so clearly.

What's changed?

If you are soldany product, including PPI, then you must be given a written statement, outlining the reasons why the policy is the right one for you.

Pay out rates

Another issue with PPI that many customers were unaware of was the low number of successful claims made against PPI policies.

Car insurance, for example, has a pay-out rate of over 80% - in other words, 8 out of 10 claims made on car insurance policies are successful.

PPI had a pay-out rate of only 15%. Making a claim also took a long time and was a complicated process.

What's changed?

Banks and building societies, if they still offer PPI for sale, must publish their pay out rates on an annual basis. This information must also be given to customers in order to make an informed decision.

Giving a choice

Many banks and lenders gave the impression to customers that the purchase of PPI alongside their loan or other product was compulsory, and that their own brand of PPI was the only one available for purchase.

Just like any other insurance, you have the right to shop around and get a better deal. Many customers, if they had been encouraged to do this would have found a much better deal on a better product.

What's changed?

Customers are to be informed that they can shop around for PPI insurance. Income protection insurances are considered better value than PPI.

Bombarding customers

Loans etc. are an emotive purchase. In other words, to re-mortgage your property means making the changes to your family home it needs.

PPI, along with many other products were sold to customer at the same time, with many believing that they stood a better chance of gaining the money they needed by buying these products.

What's changed?

Customers are not to be bombarded at the time they buy the loan or mortgage etc. with any additional products being offered to customers at least seven days later, NOT at the time.

Could it happen again? No, says the Financial Conduct Authority.

The Financial Conduct Authority replaced the Financial Services Authority some years ago. The FCA has the teeth it needs to force banks and lenders to comply - and they are clear that any customer due compensation should get it.

Call Payment Protection Scotland now to get your claim started!