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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!

Making Successful PPI Compensation Claims

We have been a leader in the field of PPI compensation claims for some time now. With a fantastic reputation, people turn to us for advice as well as help with making their claim.

With a 93%+ success rate, this is how we do it:

We don't promise what we can't deliver

It really is that simple.

We don't promise PPI compensation, neither do we guarantee it. What we do guarantee is a faultless service backed by a thorough assessment of your claim.

We do assess each case on its own merits

Every claim for PPI compensation is different. Some are complex, others straightforward. Some customers have many PPI compensation claims, others just the one claim with one bank for their money back.

This is why we assess each claim on its own merits because no two claims are the same.

We don't ask for money upfront

You should avoid any company who asks for you to make 'a payment on account' etc. This means they are not confident in either their abilities to make successful claims or that your case for PPI compensation is weak but they continue with it anyway.

We do stay in touch (and ask you to do the same)

Communication is key when it comes to tracking your case. There are also times when we need answers to questions and, the sooner we get these, the sooner we can continue with your case.

We can communicate with you in a variety of ways - phone calls, texts, email and letter - and we ask that as our customer you do the same. For example, the bank or lender may write to you and we ask that you send us a copy of this letter so we can action it etc.

We don't just take on 'easy' cases

Some cases are simple and straightforward, the entitlement to compensation for mis-sold PPI obvious for all to see.

But there are cases that are more complex, that take more time and effort to resolve. We don't back away from these cases like other companies do. We will take on any eligible claim for PPI compensation.

We do offer the best service around… every time

There is no obligation to continue with your claim. You may call us, have a good chat but decide that our service isn't for you. And that's OK!

We also offer our services on a no win, no fee basis and that means no money upfront, you get your compensation and you then receive an invoice for our services. But, because we have a transparent fee charge, you know how much you will owe us.

Our service is simple, yet powerful - call us today!

Reasons Why People Don’t Make a PPI Compensation Claim

Some city commentators believe that the number of people who have made a claim for PPI compensation are just the tip of the iceberg. With nearly 60% still to make a claim, the PPI compensation bill could more than double in the coming years.

With a June 2019 deadline expected to be announced by the Financial Conduct Authority in the coming months, what are the reasons why people are not making a claim for PPI compensation?

I won't get much money back, so what's the point?

There are stories of people claiming a few pounds back, just as there are stories of people claiming back thousands - like the chef who won a staggering £120,000 in PPI compensation or the businesswoman who enjoyed a PPI windfall of £84,000.

In many ways, how much or how little you claim back is irrelevant. By claiming your money back, pittance or not, you are telling the bank or lender that you are a savvy consumer and will not be hoodwinked into buying something that was effectively useless.

It affects everyone else but me

This is incredibly common. And we understand why.

With PPI being talked about for years, it has become part of the daily landscape of life and thus, the stories of people claiming back thousands of pounds is almost too good to be true. It can certainly feel like a good luck story that happens to everyone else.

The truth is that PPI affected and continues to affect a large chunk of the population including YOU.

PPI - I didn't buy that kind of insurance

Are you sure? PPI on credit cards was added at the time you bought it because the opt in box was already ticked - and that was placed at the end of the very long set of terms and conditions. If you read every word of those and the terms and conditions of the PPI policy, we think you were unlikely to have bought it.

Our suggestion? Check all your paperwork again.

It affects my credit score and all my other creditors will come chasing

We work with people who are in arrears as well as those customers who are part of an IVA agreement. Your debt advisor can help you with what you need to do with any PPI payment but no claim affects your credit score and no bailiffs will come calling in relation to your PPI compensation claim.

Why haven't you make a claim for mis-sold PPI?

Is it Too Late for PPI Compensation Claims?

There are many questions our team are asked about PPI compensation claims. Time seems to be a common issue and for some people, it may be what stops them from making a claim for PPI compensation.

But as we are about to show you, it is never too late to launch a claim for your money back (but, there may be something on the horizon that does).

My loan was years ago. Surely, I don't have a claim for PPI compensation?

PPI was mis-sold to millions of customers, a total PPI fund of billions of pounds - and your money is a slice of that.

It was mis-sold to customers from as early as the 1990s with concerns raised about how it was being sold from the mid-1990s. It took until 2011 for people to start getting their money back.

To claim your money back, you need to show that you have or had PPI, as well as tell the bank why you think it was mis-sold to you.

But PPI claims take far too long to resolve - I just don't have time to make a claim!

With Payment Protection Scotland on your case, you don't have to worry about finding time to make a claim or chase it with your bank because we do all that for you.

We also make sure that any settlement you are offered is for the correct amount.

Unless your claim is refuted or overly complex, PPI claims must be resolved within 8 weeks of your submitting your claim. That means you could be enjoying a pleasant windfall in the next two months or so.

I can't remember why or how PPI was mis-sold to me. That means my PPI compensation claim is scuppered before it starts!

No, it doesn't! We can work through why you were mis-sold the PPI policy and one of them is that you can't remember why you bought it. This suggests that is was foisted on you or that you were told it was part of the overall package when you bought the loan etc.

Any insurance product you purchase should be fully explained to you. Also, at the time you bought the loan, you didn't have to buy any other product and should have been given the opportunity to check out other PPI policies from other providers.

PPI was also expensive and offered very few people the cover that they thought they had.

And this is why time should never be a barrier to making a claim for PPI compensation. BUT, there is talk of a PPI June 2019 deadline and that means you should submit your claim for PPI compensation as soon as possible.

That's why you need to call Payment Protection Scotland today!

Who’s Who in the World of PPI Compensation Claims

With so many agencies involved in the PPI compensation process, it is hard to know who is who.

At Payment Protection Scotland, we thought this Who's Who Guide to agencies and bodies involved in PPI compensation claims would be useful.

The Financial Conduct Authority (FCA)

The FCA replaced the Financial Services Authority after it was decided that part of the problem with the mis-selling of PPI was that banks and lenders could not be effectively challenged.

Even though the FSA was the regulatory body for banks and lenders, it had very few actual powers for forcing banks and lenders to make changes to practices.

As a result, the FCA came about and they do have the powers and ability to force changes and policies etc.

Currently, the FCA is in the news because they are the body that could be bringing in the PPI compensation deadline. They are currently consulting with advertising and creative agencies to begin a promotional campaign encouraging people to make a claim for PPI compensation.

The Financial Ombudsman Service

Also known by its initials FOS, the Ombudsman has also played a key role in PPI compensation claims.

When customers are unhappy with a product or service they have received from banks, lenders and some financial companies, they can take their complaint to the Ombudsman if they feel their bank or lender has not dealt with their complaint fairly.

The Ombudsman as a result of the PPI compensation claim process have been swamped by complaints by customers.

But it is important to note that you must first submit a complaint to the bank or lender before you take your case to the Ombudsman.

They are still dealing with other financial complaints alongside the mountain of PPI compensation cases and so when you submit your case to them for consideration, it can take up to 12 months to get a result.

Claim Management Companies (CMCs)

Payment Protection Scotland are a CMC that specialise only in PPI compensation claims. This means that when you bring your case to use, you get the full benefit of our many years of experience in helping people to make a claim for compensation after being mis-sold one or more PPI policies.

CMCs charge for their services but it is important you check what this fee is. Some offer a graduated fee based on how much work they do and others, like PPI Scotland, have just one fee.

We also operate on a no win, no fee basis too and that means you get the best service. We assess your cases thoroughly before we start any claim on your behalf so that we are confident you have a genuine and eligible claim for PPI compensation.

Call us and see how we can help.

PPI Compensation – Do You Have a Valid Claim?

If you are in the processes of claiming your money back, you need to tell the bank why you believe you were mis-sold the policy in the first place.

There are some common reasons why it could have been mis-sold to you but there are also some lesser known ones too. In this list, we look at some of the reasons given why PPI was mis-sold to some of our customers;

A suitable insurance policy was already in place

We are dealing with many cases in which customers are claiming their money back because they already had a suitable policy or benefit in place that meant PPI was a duplication.

There have been cases in which customers were told they had to buy insurance - this is not a mis-selling reason in itself - but when the bank say that it must be PPI, then this constitutes is-selling.

PPI was expensive and offered a poor level of cover. By shopping around, a customer would have no doubt come across a better policy, with better cover and at a lower monthly or annual premium. But the banks didn't want this hence, if they told you your insurance cover was not good enough nor acceptable, you may have a claim for PPI compensation.

You may need to prove you had an insurance policy in place that covered your debt or income in the event you lost your job etc. We can help with this too.

If you were:

  • unemployed
  • OR working less than 16 hours a week
  • OR retired
  • OR employed on a temporary basis
  • >OR working a temporary contract
  • OR you were retired when PPI was sold to you, you have a valid claim for compensation

The terms and conditions under the PPI were strict and stringent - the customer had to be working full time on a permanent basis - and did not include any of the situations covered above.

This means if you tick at least one of theseat the time the PPI policy was sold to you, you have a valid claim for PPI compensation.

Pre-acceptance for a PPI policy

This is where the box for opting in for PPI was already ticked. In other words, there was no opportunity to discuss the pros and cons of the policy, whether it was suitable for you or not.

In most cases, this opt in box was at the bottom of a very long set of terms and conditions, and wasn't very noticeable to the customer.  

At Payment Protection Scotland, we can help you make a claim for PPI compensation. Call our friendly team today!

The PPI Deadline – Will it Affect You?

The Financial Conduct Authority (FCA) consulted on the possibility of introducing a blanket PPI deadline that affects all claims. Whilst some people are against it, some people welcome the idea. And some people think that the date needs to be brought closer.

But is this the absolute date by which a claim must be made? And does it affect you?

In Favour of a Deadline

There are many people in favour of a PPI deadline, including banks, some MPs, and financial analyst. The saga has been rolling on for some time, so much so that some financial experts believe that the vast sums of PPI compensation is financially undermining the whole of the banking sector.

Some would say the banks only have themselves to blame and that PPI premiums and sales were once bolstering the banking industry, providing in effect, a false platform.

Against the Deadline

Consumer organisations are mainly not in favour of a PPI deadline but with the attitude of the FCA changing in recent months, they realise that rather than fighting against it, they need to be instrumental in shaping it to the advantage of the consumer.

They say that less than half of consumers entitled to claim PPI compensation have done so. For everyone affected to have a chance to claim their money back, the consumer organisations and banking critics want a comprehensive promotional campaign.

The FCA are currently consulting a creative agency to put together the outline of the project for an advertising company to create a campaign that reaches everyone.

Different date

There was surprise from all quarters of the date - June 2019 - that the FCA muted as the possible deadline date. Most people assumed it would be the year before,

Banks want the date to be closer as allowing the process to carry on for another two and a half years is not what they wanted. PPI compensation is costing them billions of pounds, with banks adding millions more to their compensation funds on a regular basis - they want this outpouring from their profits to stop as soon as possible.

What the PPI Deadline Means to You

It means that if you have yet to make a claim, June 2019 could be the deadline by which time you must make a claim and get your money back.

Whilst it is easy to be sceptical about a PPI deadline and who or what is the driving force behind it, the message is clear: there is going to be an end date to PPI compensation.

Don't let the PPI deadline creep up on you. Don't leave it too late. Contact Payment Protection Scotland today.