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Enjoying the spoils of a successful claim for compensation after
being mis-sold payment protection insurance (PPI)? Or kicking
yourself that you claim was too late?
Back in 1998, the consumer association 'Which?', a
well-respected organisation, presented preliminary findings on an
insurance product known as PPI. It was sold to customers who bought
credit from banks and lenders; this could be a credit card,
personal loan, car finance, store cards and credit etc.
The concerns raised at that time, were two-fold:
I. Expensive - the report from 'Which?' in 1998 noted the poor
value of PPI. They found that for the cover it said it offered, it
was very expensive.
II. Exclusions - it was also a product that has many exclusions
which meant that many 'ordinary' people would not be covered. The
problem was, not everyone was made aware of these exclusions thus
many people bought the product thinking they were covered when, in
fact, they were not.
It wasn't for another seven years that poor selling practices
were highlighted by various regulatory authorities. Over the coming
years, financial firms, lenders and banks were fined at various
times for poor selling practices.
In 2009, the single premium policy PPI was banned from sale but
it wasn't until 2011, when the British Banking Association dropped
their protest at the legal decision stating that consumers were
entitled to claim compensation for mis-sold PPI.
During this time, 'Which?' had gone on to identify 2 million
customers who would not be able to claim on the PPI policy they
were paying for every month.
Thus far, the PPI compensation pay out across all banks
collectively stands at £24 billion but they are all adding more
money to their pots with many people believing the final bill will
be around £32.6 billion.
The FCA, the successor of the now defunct Financial Services
Authority (FSA), believes that the time has come to put an orderly
end to the PPI mis-selling saga. They want customers to have their
money back but they also want to protect the 'integrity of the
This means that the UK economy is facing a double edge sword; on
one hand, people have money in their pocket but on the other, the
UK banks are now beginning to suffer, with profit margins hit
This coming October, the FCA will makes its final decision,
announcing when the deadline will be. It also says there will be a
public awareness campaign so that everyone who has a claim for PPI
compensation can go ahead and claim their money back.
Why wait? Start your PPI compensation claim today.
It is hard to remember a time when there was not a PPI scandal
rumbling on and on. When the mis-selling scandal broke in to the
public domain all those years ago, banks were hoping it would be a
flash in the pan, a problem that would fizzle out overnight.
But the consumer was far savvier than this and realising that
they could claim all of their money back, they went ahead and did
so. To date, around 12 million people have claimed PPI compensation
since 2011. But what have they spent it on?
Surprisingly, there has been very little research to find out
how people have spent - or invested - their PPI compensation
Having said that, there were signs in the economy of people
having money in their pockets as various indicators, such as growth
Domestic Product (GDP) has a small and unexpected upswing. Changes
of 0.2% in terms of GDP is a big change, especially with the 2008
recession still being felt.
True to form, people are spending their PPI compensation with a
survey by Voucher Codes Pro in 2014 finding that it took only two
and a half weeks for a PPI windfall to be spent.
There was a small minority - 12% - who saved or invested their
PPI compensation whilst the majority of people spent it. But what
The survey recorded some great responses from people and the
list of the top four PPI purchases were:
I. Holiday - when the purse strings are
tight, often the first things to go are the expensive foreign
holidays. People either choose to go budget or stay at home. But
those who enjoyed a PPI windfall rushed out and booked themselves a
great holiday. Is this something you would enjoy?
II. New or improved car - it is the thing that
every busy household relies on but again, when money is tight,
changing and upgrading the car to a newer model falls a little
further down the list. However, those consumers who enjoyed a
decent PPI windfall rushed out and bought themselves a new or
newer, more economic car. How much would this benefit you?
III. Household appliances - freezer keep
packing up? Washing machine not as good as it was? Household
appliances get worn out but if you had some spare cash in your
pocket, wouldn't a new fridge/freezer and so on be on your shopping
IV. Paying the bills - when money is in
short supply, getting behind with the bills happens incredibly
quickly. This is stressful and unpleasant but many people took
advantage of their PPI windfall to catch up with bills.
It can be confusing attempting to understand if the payment
protection insurance (PPI) policy you have, was actually mis-sold
Here we attempt to de-mist some of the fog that can surround
making a PPI claim.
If you are asking yourself this question, you may be assuming
that you don't have a PPI policy because, surely you would
But there is a problem and that is, many PPI were 'sold' to
customers by the bank or lender simply adding them to your account
without you knowing or, writing to you after they linked it to your
account, telling you how great it was.
This is wrong on so many levels but in terms of mis-selling, you
will not have had the policy, its terms and conditions etc.
explained clearly to you.
Our advice - check every credit product, from personal loans to
credit cards, for PPI even if you think you don't have a PPI policy
The terms and conditions of PPI were fairly narrow. The only
people who were really covered were those in permanent, full time
employment working more than 30 hours per week.
If you were or are self-employed, unemployed, retired or working
in temporary or zero-hour contracts, then PPI is unlikely to offer
you any kind of cover.
Thankfully, most of us enjoy good health but when things do go
wrong, you need the peace of mind that any insurance policies you
have will pay out when they say they will.
With PPI, you don't have this peace of mind. Put simply, the
medical conditions it did and did not cover were again, fairly
narrow. There were exclusions too and unless these were pointed out
to you, you may have taken out the policy completely unaware that
it did not and would not cover existing medical conditions.
Neither did some PPI policies cover things like back injuries or
conditions, nor mental health illnesses either.
When we apply for a loan etc., is it an emotive decision,
fuelled on by the need to have the money to change something. It
could be something as basic as buying a new boiler and other home
improvements, to upgrading the family car to a more reliable
This changes how we view things and so when the bank or lender
said PPI was compulsory, customers didn't question it. PPI is not
compulsory thus, if you were given the impression that it was, then
you could have a claim for PPI compensation.
Find out more and start your claim today too, with Payment
With banks and lenders still adding more money to their PPI
compensation funds, it pays to keep an eye on which bank top the
list - but why?
The mis-selling of payment protection insurance (PPI) is a
scandal that has rocked the British financial sector to its core.
And just when you think the saga is finally dying a death,
something comes along to reignite it.
Lloyds Banking Group has set aside billions - £14 billion to be
precise - to compensate customers who were mis-sold PPI by its
representative and those of other banks, credit cards companies
etc. that it owes.
As the biggest banking group in the UK, it is no surprise that
they have the biggest bill. Although there are separate banking
licences for some of the banks under its umbrella, Lloyds banking
Group can name major banks like Lloyds and Halifax as being owned
These banks all have several thousand customers across the UK,
all of whom could have a significant PPI compensation claim, hence
the largest PPI compensation pot out of all the banks.
Claiming PPI compensation is important. The bank took your money
for a product that they knew, in most cases, was not suitable for
There are many mis-selling reasons;
Do you have a claim for PPI compensation? If so, call us today
to see how we can help.
For many people, the thought of claiming their money back after
being mis-sold payment protection insurance (PPI), fills them with
When you lead a busy life, how will you find time to not only
submit a claim, but pursue it? For other people, the thought of
writing letters, making phone calls and dealing first hand with a
bank or lender are not tasks they want to complete.
You may feel that you need help, an expert hand to guide you
through the process and represent you too.
There has been a lot of criticism levelled at claim management
companies, also known as CMCs. Payment Protection Scotland is a
claim management company, specialising in helping people claim back
Like other professionals we charge a fee for our service. If you
went to a solicitor for legal help and representation, you would
expect to pay? Why not other professional services?
But like all professions, there are some companies who are
better than others. Some are motivated by making profit, others are
motivated to help people fight back against the powerful financial
Mis-selling of PPI was not on a small scale, affecting only a
few hundred people. It affects thousands of people with billions of
pounds due in compensation - and this is in spite of billions of
pounds already been paid out.
Experts such as BBCs Paul Lewis has said that he believes only
40% of those with a claim for PPI compensation have done so. That
leaves another 60% of affected customers yet to make their
If you have a claim for PPI compensation, why shouldn't you get
help from a reputable company with a high success rate?
Payment Protection Scotland operate a three-step process;
If you believe you have a PPI compensation claim, or would like
to know more about how to claim, all you need to do is call us.
There is no obligation and no pressure to continue.
In order for us to act on your behalf, you need to give us
written permission to do so. You also need to agree to our terms
and conditions if we are to go ahead and make PPI compensation
claims on your behalf.
You relax why we do everything on your behalf. We keep you in
touch at every point of your claim, so you know what is happening
but without the stress.
Are friends, family and work colleagues enjoying their PPI
windfalls? Wondering if you have or how you can make a claim? If
so, read on…
If you have PPI, the likelihood is you have a claim for
compensation. Payment protection insurance (PPI) was mis-sold to
thousands of customers. You may know you have PPI - you may have
even agreed to it! - but it is also possible there was a PPI policy
added to other accounts without you knowing.
Here we re-cap on some of the reasons why PPI is classed as
being mis-sold. Which one do you think applied to you?
Your employment status at the time you were sold PPI is
important because it has a direct impact on whether PPI is useful
or not to you;
In most cases, the bank, on looking at your application for a
loan, credit card and so on, would have your employment status in
front of them. After all, you would have to declare that had the
means to pay the money back but, despite knowing your employment
status, still sold you a PPI policy, either at the time or later,
via a sales phone call.
Another broad category of mis-selling relates to how much you
know or were told about the policy.
For example, were you made aware of what medical conditions and
illnesses were and were not covered? Many people were surprised to
learn that back problems and mental health issues were not covered
by the policy.
Both of these medical conditions are two of the top most reasons
why people are unable to work, both in the short and longer term.
Imagine the devastation of being too ill to work and one of the
insurance policies you were relying on let you down.
There are many reasons why PPI was mis-sold to you. Find out
more today with Payment Protection Scotland and you too, could be
enjoying a PPI compensation windfall very soon.
Claiming compensation for mis-sold payment protection insurance
(PPI) is something that many thousands of people have already done.
But, with an estimated 60% of eligible customers yet to make a
claim, understanding why and how it was mis-sold to you can be an
area of concern.
Payment Protection Scotland is committed to helping all of its
customers to claim the money to which they are entitled. Find out
which of these mis-selling reasons apply to your claim.
REMEMBE: it is not a case of choosing one reason, as there could
be two or three reasons why the PPI policy was mis-sold to you.
Most PPI policies covered people aged 18 to 65 meaning that if
you were older or retired at the time the policy was sold to you,
you would not have been covered by it, making it effectively
There are a few grey areas when it comes to employment and
In some cases, the bank representative did not make it clear
enough that the purchase of PPI was optional.
There can be some confusion as banks and lenders can stipulate
that to a certain extent, you do need to have an insurance policy
to protect the loan etc. This does NOT mean that you cannot shop
around and get a better deal on another, like-for-like policy. In
the case of PPI, it was so expensive that you would have got a far
better product for a lot less.
The Financial Conduct Authority (FCA) opened discussions on
whether imposing a blanket PPI deadline would be the right move.
This latest twist in the saga has raised questions about the FCA
and whether they have the customer's best interest at heart or that
of the financial sector.
This is not the first time that a blanket PPI deadline has been
discussed but, with the FCA being in combative mood in the past,
the idea was quickly knocked from the table. So what's changed?
Martin Wheatley, the previous head of the FCA was around when
the scandal of mis-sold payment protection insurance (PPI) broke.
He had a combative approach, where banks and lenders were told in
no uncertain terms to stop dragging their feet and reimburse their
The FCA remained in this position for a long time but his
departure in late 2013 left the organisation without a boss. Andrew
Bailey was announced as the new head of the FCA in January 2016 and
is expected to restore calm to the process.
But some say, this means the banks will, once again, be cosied
up with their regulatory boy making it harder to bring about proper
change. Martin Wheatley was ousted because he was seen as too
hostile and intrusive to the banks which, some say, is exactly what
The Chancellor has made it known, maybe not publically, that he
wants an end to the PPI mis-selling saga. This may not mean he
wants customers out of pocket but the opinion is that the banking
industry needs to clear up its mess quickly so that a line can be
drawn underneath the whole debacle.
Those that are critical of a blanket PPI deadline say that it
will be the customer that misses out as it essentially presents an
opportunity for the banks and financial companies to sweep the
whole mess under the carpet, questioning whether any lessons have
been learnt at all.
As the FCA announced it would be consulting with key
stakeholders regarding a PPI deadline, it also said that there
would be a promotional campaign to ensure that no one with a
compensation claim missed out.
However, some people have criticised this move as they say that
blanket promotional campaigns rarely make it to the people that
need it. These kinds of campaigns tend to make people believe that
it affects everyone but themselves!
There are thousands of people affected by the mis-sale of PPI
who have yet to make a claim for compensation - are you one of
Have you ever wondered how BIG the mis-selling of payment
protection insurance (PPI) scandal actually is? Can you estimate
the figures involved?
Take our quick quiz to see if you are a PPI expert…
Overall, the rate for success when it comes to PPI compensation
claims is thought to be around 85%. At Payment Protection Scotland,
we boast a success rate of well-over 90%. We put this down to our
assessment process. We look at your potential claim for PPI
compensation from all angles, making sure your case has the best
chance of success.
The number of people the PPI mis-selling scandal affects is
thousands upon thousands meaning that there is a very good chance
that YOU are affected by it too. Overall, 1 in 5 of the 60 million
people in the UK are thought to have been mis-sold a PPI policy.
When you consider this means an average pay out of £2,750 per
person, you can see how the figures start to add up.
The scale of the PPI mis-selling is gargantuan, with PPI being
the most mis-sold financial product of all time. Many people are
hoping that it never happens again and thus, changes have been made
to how policies of this kind are sold to customers. The wholescale
mis-selling of PPI is thought to have started in January 2001, with
over 30 million PPI policies being sold from that point until the
scandal started to break in 2011.
As soon as this article is published, the answer to this
question will be wrong because cases for compensation for mis-sold
PPI are being made all the time. However, at the time of writing,
some 14 million complaints had been made about PPI with the total
compensation bill around £24 billion.
Payment Protection Scotland can help you make a claim for PPI
compensation if you have at least one PPI policy on an account and
you believe it was mis-sold to you. We charge a fee for our
professional services, a % of the final amount of compensation you
are awarded - but you only pay if your claim is successful. And
yes, you can start
The mis-selling of PPI did not happen over a few short months
but rather over several long years - but why? What fuelled the
mis-selling of this insurance product for all this time and what
has changed to stop it from happening again?
November 2015 saw a small newspaper article published that many
people may not have seen, unless they scoured the financial section
of the papers or online sites. RBS announced it was suspending
bonus related pay for its retail staff to prevent, it said, the
possibility of mis-selling happening again in the future.
It is unclear whether other major high street banks and lenders
have taken this step but the fact that RBS, one of the biggest
banking groups has taken such a step is indicative of what fuelled
the mis-selling of payment protection insurance (PPI), and why it
happened on such a large scale and went unchallenged for so long -
In terms of money, there are two financial reasons why PPI
continued to be mis-sold for so long. Two parties stood to gain the
most from selling an insurance product to people that they didn't
Profit is something that every business needs to make. For
banks, it is very important as posting low profits or losses makes
them vulnerable to take over. The financial markets are competitive
places, with the health of a bank measured in terms of profits
PPI made banks a huge amount of profit. In fact, the vast
majority of the PPI premium you paid every month was profit for the
Unfortunately, there is a second strand to this money-making off
the back of selling PPI policies. The sales representative or
insurance broker themselves, also made a handsome commission. There
are also stories from bank staff that they also received bonuses
for meeting sales targets for PPI, with the underlying principle
allegedly being sell policies at all costs.
There was a recent case (2015) in which a disgruntled customer
claimed her commission back because, she said, if she had realised
how much commission the broker was to receive on the sale on the
PPI policy to her, she would have questioned the cost of the PPI
policy. The repercussions of this case are yet to be felt, its
influence unknown to impending PPI compensation claims, as well as
those already settled.
Making your PPI compensation claim with Payment Protection
We have worked with thousands of customers to successfully claim
compensation after PPI was mis-sold to them. And we can and will
help you - call us.