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Statistics reveal a heart-warming picture for the customer
making a claim for PPI compensation against banks and lenders: 85%
of PPI compensation claims are being upheld in favour of the
customer by the banks.
Of those PPI complaints that are submitted to the Financial
Ombudsman for resolution, the vast majority are upheld in favour of
the customer too.
The average pay-out is around £3,000 but you could claim much
more than this, or your compensation claim may be less.
If you had a mortgage, credit card, loan store card, car finance
etc. you may have been mis-sold PPI.
Payment protection insurance (PPI) was sold at the same time you
took out a loan, credit card, mortgage, car finance deals and so
on. The idea was that PPI would cover monthly payments on your
credit agreement if you became too ill to work or lost your
But, in reality, PPI policies didn't pay out when people
expected they would. This meant that many people who thought they
had cover for when things went wrong, found that the policy didn't
help them when they needed it most.
Sales staff didn't explain the policies properly. For example,
people who were self-employed or with pre-existing medical
conditions were not told that they were not covered by the PPI
policy. In other words, they were paying for an insurance policy
that offered them no cover at all.
There is also a possibility that you 'bought' PPI without
realising it. In some cases, PPI was not explained to the customer
at all - it was simply added to the account as part of a 'packaged'
approach - or you may have been given the impression that you had a
better chance of being accepted for a credit card or a loan if you
All these assumptions and sales talk is wrong. And now you can
claim compensation after being mis-sold PPI.
You can make a claim for PPI compensation yourself. Look at your
bank or lender's website as there should be details on there on how
to go about it.
Other people prefer to use a professional and reputable claim
management company, like Payment Protection Scotland, who
specialise in PPI compensation claims.
You will need to know on which accounts you have PPI - and we
can do the rest! We chase the bank or lender, we check any PPI
compensation settlement they offer you and we can advise you every
step of the way. We charge a fee for this service. Talk to us
In November 2015, the Financial Conduct Authority (FCA)
published an analytical report relating to payment protection
insurance (PPI) claims.
Some think that this report, completed by ComRes, will form the
basis of the promised PPI compensation campaign pre-June 2019
The report showed some interesting findings.
Of the population aged over 18 years of age, 74% have heard of
PPI. Of this group that have heard of PPI, 77% were aware what the
issues and problems were with it.
Understanding is not as widespread with only 42% of people
believing they have agoodunderstandingof what PPI was, with 46%
saying they havesomeunderstandingof it and 12% say they haveno
One in nine people were unsure if they had PPI which broken down
over the population, amounts to 8% of the UK population having no
idea if they have or had PPI. 3% said they really didn't know if
they had PPI.
What is even more worrying, of those that say they were unsure
if they had PPI, half of them (49%) said they were unlikely to
check if they did! 37% said they were more than likely to check and
it was the prospect of winning compensation that was the main
Around half of those who have or had PPI made a complaint about
the policy, with people who have potentially more than one claim,
complaining about at least one of the policies.
Three in 10 people use a specialist claim management company
like Payment Protection Scotland. Of those that made a complaint
direct to their back, 59% said the process of claiming compensation
was relatively easy.
Nine in 10 people who had complained about PPI received
compensation but 85% of those that had claims were satisfied with
the compensation they received.
Whilst claiming compensation is considered the main driving
force, what prompts people to make a claim is interesting;
The sample size of this survey was significant - 20,000 people
were interviewed - and some of the statistics are interesting about
how people view PPI, the whole saga, as well as how to claim PPI
Why not find out more today? Call Payment Protection Scotland
Billions of pounds in compensation / Millions of PPI policies
mis-sold / Millions of people affected.
When we see the staggering amounts of compensation paid out to
customers who had been mis-sold payment protection insurance (PPI)
policies, it is easy to forget that behind these facts and figures
are real people.
And you are one of those 'real people'.
In some ways, it should be an easy question to answer but, as
you will see shortly, there are many factors that interfere in
being able to give a straight answer.
I. You didn't know you had PPI- many people will answer no to
the above question because they assume they don't have PPI, after
all, you would remember buying an insurance policy, wouldn't you?
But, PPI was added to thousands and thousands of accounts without
the prior consent, knowledge or permission of the account holder.
Has that happened to you?
II. You agreed to buy it- some customers think that because they
agreed to buy the policy, they won't be entitled to their money
back. But, how confident are you that you were told everything
about the policy? Did you know about the exclusions under the
policy? Did you know that you probably weren't covered by the
policy? Many customers were simply unaware that there were
significant exclusions under the policy and that they were paying
for something that of no use to them. If you had known these
things, would you have still willingly bought the policy?
III. It contributed to debt -people borrow money to fund
expensive purchases, such as the family car. For others, it is a
way of paying important things, such as re-modelling of a property.
No matter why you borrow money, making sure you can afford to make
repayments is essential but, when PPI was added on, it could make
it difficult for people to afford the loan. This sometimes added
fees and costs to the account but, the good news is, we may be able
to claim these costs and fees back too.
If you have a claim for mis-sold payment protection insurance
(PPI), we can help you claim your money back.
We need to know that you have a PPI policy or policies - we can
help you check - and then we need your permission to act on your
behalf: this process takes next to no time! You could have PPI
compensation in your bank account in time for the New Year!
Why not call us today to find out more about PPI compensation
As an insurance policy, PPI has been barred from sale. In some
ways, it wasn't the insurance itself that was at fault but a
combination of factors. As a result, this made for a mis-selling
saga that has rocked the British banking industry to its core.
One of the original reasons why PPI came to the attention of
various authorities was the fact that it was very expensive,
especially for the low level of cover that it offered.
Add to this the fact that as a customer, you were probably not
encouraged to shop around and get a cheaper deal, with a better
insurance product. In other words, you were given the impression
that their own brand of PPI was the only one you could buy.
It was a policy that was mis-sold to millions of people. Some
people were told they had to buy it; others were told that PPI and
the loan were a 'package' and that they have to be bought
Other people were given the impression that it was the best deal
for them because they were advised to buy it. The rules around
advised sales have now been tightened - if a customer is advised to
buy a financial product, they have to have the reasons why it is
the best policy laid out in a written document.
If you had tried to claim on you PPI policy, you will have been
disappointed to find that it took a long time for the claim to be
And, after all this time and complex forms to complete, you will
have been disappointed to find that your claim was not valid.
This is because the terms and conditions of the PPI policy were
so narrow that it was almost impossible to make a successful claim.
In fact, some statistics suggest that less than 15% of claims on
PPI policies were successful - compare this to car insurance claims
which number 85% or more successful claims against policies and you
can see and you can see what the problem is.
Since the problems with PPI were discovered, 40% of people who
have a claim for compensation after being mis-sold PPI have claimed
their cash back - are you one of them?
If not, you may be looking for help with your PPI claim. Call
Payment Protection Scotland today for more information.
You may remember that some time ago, a consumer won a ruling
against the company that sold her PPI for failing to disclose the
amount of commission they were being paid for selling her a payment
protection insurance (PPI) policy.
Many financial experts have been left wondering how the outcome
of this case will affect PPI claims made in the past and those to
come. It could mean that customers are entitled to yet more PPI
The Financial Conduct Authority (FCA) is the baking industry
regulator and as yet, they have yet to release full guidance on the
Plevin case and its impact on PPI claim, past and future ones.
The FCA has been consulting on a PPI complaints package, looking
to end PPI claims for compensation but also to understand the
impact of the Plevin ruling.
The FCA have been consulting on;
Previously, the FCA would not entertain the notion of a PPI
deadline simply because the numbers of customers yet to make a
claim was significant. Some critics argue that the case has not
changed with only 40% of people who have a claim have yet to do so.
That leave 60% of people with a PPI compensation claim yet to claim
their money back.
Andrew Bailey the head of the FCA says that "Putting a deadline
on PPI complaints will bring the issue to an orderly conclusion in
a way that protects both consumers and market integrity".
With the impact of the Plevin case yet to be measured, it would
seem that the June 2019 deadline for new PPI compensation claims
looks set to stick.
As a consumer who was possibly mis-sold PPI, you need to be
clear about whether you intend to make a claim for compensation or
Once the deadline has passed, you will have no form of redress
to claim your money back. This could be anything from a few hundred
pounds to thousands of pounds.
Can you afford to let this money slip through your fingers? Why
not contact a reputable and trusted claim management company
specialising in PPI compensation claims? Contact Payment
Protection Scotland today.
You need to get the right answers with up-to-date information
about making a claim for mis-sold payment protection insurance
(PPI). And where better than Payment Protection Scotland, a
leading, reputable claim management company specialising in PPI
claims in Scotland?
The Financial Ombudsman are the people to turn to if your bank
or lender has refuted your claim for PPI compensation.
You will find full details of how to do this on their website -
you can submit your claim online. The process is relatively simple,
with the form taking you through your claim step-by-step.
However, some people can find it daunting to complete these
forms, especially as they are unsure what they need to be telling
the Ombudsman to get their money back.
Payment Protection Scotland can help with your claim for
compensation either by submitting it to your bank or lender in the
first instance, and following it up by submitting your case to the
Financial Ombudsman if necessary.
You can ask the bank or lender for a breakdown of the
compensation and how much is being offered and why they arrive at
You do not have to accept the offer that they make. Some
customers have only to realise that they were entitled to more.
If you are unhappy with how your case is being handled, you can
ask Payment Protection Scotland to become involved. We can present
the bank or lender with a clear breakdown of what we calculate is
owned to you but if they continue to dispute it, you can submit
your claim to the Financial Ombudsman.
It means exactly what you think: if we are not successful in
claiming your money back, we don't charge you.
Why not call us for more information? There is no obligation
when you call us to continue with your claim.
Knowing what the problems were with the most mis-sold product in
banking history, means that you have a stronger case when it comes
to claiming payment protection insurance (PPI) compensation.
There were many problems with PPI…
The more an insurance policy covers, the more expensive it tends
to be. PPI offer very little cover but was incredibly
The problem was, people were not made aware of their consumer
rights and so were not told that they could shop around. This meant
that people bought a poor-vale-for-money product when they could
have got a much better insurance policy, for a lot less.
What many customers did not realise at the time they were sold
the policy, was that PPI was structured in a way that made it very
difficult and complex to make a claim.
With an insurance policy, you would hope that in the event of a
claim, they would react quickly. In most cases, insurers do but in
the case of PPI, making a claim was complicated.
If you claim was successful - and this was unlikely - it took
several months for the policy to kick into action. This in itself
is deemed as unacceptable.
Many customers were given the impression PPI was essential and
A bank or lender can insist that a customer protects their
investment or loan with some kind of insurance policy. But they
cannot insist that it is their product and their product alone.
You can shop around and compare policies, probably like you do
with energy prices, car insurance, home insurance and so on.
The pay-out rate on PPI policies was 15%. On car insurance, over
85% of claims are successful thus, you can see the discrepancy
between the pay-out rates.
The sad fact is, many people thought they had done the right
thing and that they were protecting their debt against a loss of
income. When they became too ill to work, they turned to PPI to
cover their repayments. At a time when they were vulnerable, the
policy did not pay out.
This simply added to their stress and worries, a situation that
was wholly unacceptable.
If have a PPI policy, the chances that it was mis-sold to you
are high. You could claim all your premium payments back, as well
as interest and any costs or fees that were incurred on your
account because of PPI being added to it.
Payment Protection Scotland can help on a no win, no fee
This and other questions answered by the expert team at Payment
With so much information on payment protection insurance (PPI)
compensation claims swirling around, it can be hard to find the
answers to key questions.
We have gathered some of the questions people commonly ask us,
and answer them in this handy guide.
Some PPI compensation claims are straightforward. It is clear
that the customer has been mis-sold PPI and the banks are now keen
to compensate people as quickly as possible. If this is the case,
your claim could be resolved in weeks although we are not
guaranteeing a bumper Christmas!
In other cases, PPI claims are more complex and can take some
time to resolve. You may also want to refer your claim for PPI
compensation to the Financial Ombudsman Service. If you do, it can
take several months to the outcome.
By starting your claim today, it may be possible to have a PPI
pay-out before Christmas - but not guaranteed!
There are several factors to consider:
It can be complex working out how much PPI compensation you are
entitled to. Why not give the team a call at Payment Protection
We need to be confident that you have PPI and we need to know
the circumstances of how and why this policy was sold to you.
You will also need to sign a form, granting us permission to
make a claim on your behalf.
We charge a flat feeif your claim is successful. If your
claim is not successful, you are not charged anything. This is
known as a 'no win, no fee' agreement. You can make a claim
Find out more, call us today!
At the start of the year, banks were telling us that they
thought this last round of PPI fund top-ups would be the last. They
implied that there were not many more compensation claims for
mis-sold payment protection insurance (PPI) to come.
And yet, as this year draws to a close it seems that this is not
the case, with Barclays announcing in late October 2016 that they
were adding another £600 million to the PPI fund. This brings their
total PPI provision to £8.4 billion.
Some financial experts suggest that the PPI deadline of June
2019 announced by the regulator, the Financial Conduct Authority
(FCA), has something to do with it.
This is not the first time the idea of a compensation deadline
has been muted but it is not the date that the banks were
They assumed that the FCA would opt for a two-year deadline. By
opting for June 2019, the banks have just under another three years
left to process claims and compensate customers.
There is no doubt the banks were hoping for the PPI problem to
go away much faster.
Some say that the outpouring of compensation is hitting profits
hard but it doesn't appear to be that way for this bank. Barclays
is reporting a 35% rise in third-quarter profits, boosted by its
investment banking business.
By the end of September, pre-tax profits stood at £837 million,
a profit margin that is not too shabby at all. Overall, Barclays
profits are up 40% compared to the same time last year. Investment
banks in general have been posting strong profits, and Barclays is
What it means is simple - Barclays now that there are a many
more PPI compensation claims yet to be made against it. In effect,
it along with all other UK banks and lenders, are bracing
themselves for an influx of PPI compensation claims in the coming
What this means is that if you have a claim for PPI compensation
against Barclays bank, you need to get your claim to them as soon
Most cases are resolved quickly which could mean a bumper
Christmas this year, with your PPI compensation in the bank!
Payment Protection Scotland can help you make a claim against
Barclays and any other lender in the UK who mis-sold you
compensation. Call us to find out more right now!
Payment protection insurance (PPI) is the most mis-sold product
in British banking history. It has become a thorn in the fleshy
side of the banks and lenders, with customers ensuring that when
they claim compensation, they are getting back every penny that
they are entitled to.
The banks have had a rough time and with the PPI deadline
confirmed by June 2019, it is not going to end any time soon.
This extended compensation deadline has been the catalyst to
banks adding more money to their PPI compensation pots.
Lloyds announced an additional £1 billion, with Barclays following
suit the next day with an announcement that they too, were adding
more money to their compensation fund.
Unlike Barclays, however, Lloyds has not been as fortuitous in
terms of maintaining its profits. At the end of September, Lloyds
announced a 15% decline in pre-tax profits, racking up only £811
million in profit.
Total income for the bank in the third quarter of the year also
fell by 1% to £4.27 billion.
And PPI is not its only problem. There is also an issue relating
to how packaged bank accounts were sold. The banking group have set
aside £150 million to cover the cost of what is termed as 'conduct
issues' in relation the bank account products.
The profit figures are disappointing for the banking group, 9%
of which is owned by the state. The Government were initially to
sell of its remaining shares but have now scrapped plans to do so,
preferring instead to sell 'tranches' of shares to investment
specialists. Possibly, this is needed to shore up the bank and
drive it out of the financial quagmire it seems to have found
Many people bank with banks and lenders who are part of the
Lloyds Banking Group. It is the biggest banking group in the UK
thus, you could have a claim for PPI compensation against one of
its banks or lenders.
You can make the claim direct to them or you can use a
specialist claim management company, like Payment Protection
Scotland. Many people choose to use a claim management company
because it makes their life much simpler - and they hand over all
the responsibility of making and chasing the claim to an expert