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Sold on a hard-to-imagine scale, payment protection insurance
(PPI) compensation has been claimed by a large chunk of the
But with 60% of people with eligible claims yet to claim their
money back and with a June 2019 PPI deadline looming, we thought we
would look at the five most asked questions about PPi and the whole
In most cases, banks and lenders did not fully explaining the
policy to customers.
For example, they did not tell customers that if they were
self-employed, that their claim on the policy was unlikely to be
successful unless they closed their businesses down.
Customers were also given the impression that, without PPI,
their application was unlikely to be approved. There are cases
where PPI was added at a later date and you were simply informed
what a great product it was - and not that it was possibly
PPI was a product that the bank liked because for each PPI
policy sold, banks, lenders and brokers made a profit.
Employees who sold policies - either face to face or over the
phone - were also making commission. in fact, it is now generally
accepted that commission rates were way above salary rates.
These two factors combined, as well as lack of a regulator with
teeth, presented unfettered opportunity to mis-sell PPI.
You can contact your bank or lender direct and tell them that
you believe you were mis-sold PPI. This can be done via letter.
Bear in mind that you need to proof you were mid-sold the
Or, you can get help to a make a claim. We charge a fee for this
service, a % figure of the final PPI compensation you successfully
We are professional and passionate in their dealings with
claiming back PPI compensation on your behalf. We do all the hard
work, leaving you free to enjoy your compensation when it
Back in 2013, banks and lenders were told that they must inform
customers that they may have been mis-sold PPI and that they can
make a claim. Some banks and lenders sent forms with these letters,
inviting you to complete and make a claim.
Ignoring this letter could mean that you have missed out of PPI
compensation! If you think you received such a letter, contact us
There is a 6 year 'rule'. This means the account needs to have
been active within the last 6 years BUT, the Financial Conduct
Authority has been clear that anyone with a PPI policy that was
mis-sold to them is entitled to make a claim.
Wondering how or if you are entitled to make a claim for PPI
compensation and issues relating to debt are common questions asked
of the team here at PPI Scotland. Read on to find out more…
Payment protection insurance (PPI) has made the headlines many
times in recent years.
Shortly after the announcement that customers could claim their
money back, came other revelations. Customers had not, we were
told, been compensated correctly and thus, these customers were
What we need to remember is that behind these stories and
revelations are people. People like you. Many people have claimed
their money back, but there are a group of people worried that this
will not be possible for them.
And this is because they are in debt or arrears to their bank or
Not necessarily. We advise that you take your time and check
over all the details, as well as any offers of payments.
Some people assume that because they are in arrears they are not
entitled to make a claim but this is not the case.
The cost of PPI in some cases was added in a lump sum on top of
the amount you borrowed. Every month, this combined total of loan
payment and PPI premium, you will have paid interest.
A £3,000 loan may have been affordable but with PPI added to it,
along with the interest, the monthly payments would significantly
This meant the amount you paid back was larger than you
expected. As you were tied into the loan, you had no other option
but to pay it.
You may have missed some payments and fell behind. Now added
were costs and late payment charges making your situation
And the spiral continued.
PPI claims can see a large proportion of this loan written off,
especially when you also factor in the costs and fees that are also
claimed back as part of your PPI compensation claim.
Irrespective of whether you are in arrears of not, if you were
sold a PPI policy that was not right for you, you ARE entitled to
claim your money back. This is YOUR money and the bank unfairly
took it from you.
If you have an IVA agreement, we will need to discuss your claim
further but you are still entitled to claim PPI compensation if the
product was mis-sold to you.
Call our knowledge team today for a no obligation chat on
claiming your money back.
The announcement of a PPI deadline for June 2019 has once again
ignited debate around PPI and whether customers are being
railroaded into a process that is benefitting the banks and not
Many people predict that 2017 will see a surge in PPI
compensation claims. Claims for mis-sold payment protection
insurance (PPI) have remained steady in recent years but a clutch
of PPI experts, including the Financial Ombudsman believe that
cases in the coming year will be the biggest yet.
In fact, the Ombudsman is estimating they will resolve a further
360,000 PPI cases in 2017. So far, banks have collectively paid out
£24 billion in compensation since 2011 - and this figure is set to
rise even further.
Claiming compensation for mis-sold PPI is an action that many
people can take simply because PPI is the most mis-sold financial
product in British banking history.
And this is why;
If you have PPI, you may have a claim for compensation. Find out
today by contacting our team at Payment Protection Scotland.
Claiming PPI compensation you are rightfully owed is, in most
cases, simple and straightforward. The paperwork is all present,
PPI is clearly marked and the reasons for mis-selling are also
These customers, within weeks, will have a PPI compensation
settlement. They can take the luxury holiday they have not been
able to afford or maybe pay-off some debts, invest in some stocks
and shares or simply enjoy their bank account being back in the
But, for other customers the journey is not so smooth…
On one hand, you want to make a claim for PPI compensation but
on the other, you need to be 100% confident you have a PPI policy,
not easy when you don't have the paperwork.
It can be tempting to put a claim in, without really knowing but
you can find out.
If there is no paperwork, the following courses of action can be
If you have significant debt with a bank or other lender,
claiming back PPI compensation could see you wipe out any debt and
still be left with a lump sum. If you are due PPI compensation, the
bank or lender may apply it against your debt, although this is
unlikely. After all, this is your money. But, if you have an IVA,
the situation is different. Contact our team for advice.
Many people think that if the bank or lender refutes their claim
for PPI compensation, there is nothing more to be done. You
can refer your case to the Financial Ombudsman - or we can do so on
your behalf - and they will make the final decision.
With a June 2019 PPI deadline now a possibility, isn't it time
you made your PPI compensation claim?
The compensation process for mis-sold payment protection
insurance (PPI) began in earnest back in January 2011. With
billions of pounds already repaid to customers, there are more
claims to come and 2017 could be the year you make your claim for
But, as a consumer, you may be wondering what has changed to
stop something like this happening again.
There have been changes, some of which are specific to the sale
of PPI and others that inform food practice across banks and
lenders in general.
1. Separate sales - one of the biggest issues
with PPI was that it was sold at the same time as the main product,
such as a loan. Banks and lenders did, to a certain extent, play on
the emotions of their customer, selling them an additional product
at a time when they would agree to it because they thought it was
important to their loan application etc.
2. Not advise sales - people also thought that
when a bank or lender suggested PPI they were in fact, advising
them to buy it. Banks argue this was not the case but customers all
over the country beg to differ. And so do we! This is why the
Financial Conduct Authority have changed a rule: if a bank is
advising a customer to buy a product, they need to tell them why in
3. Make terms of sales clearer - banks and
lenders should no longer be offering additional products alongside
loans etc.at the time of sale. They should leave a gap of at least
7 days before they offer you an insurance product and make it clear
that not buying the product will not affect their application for
4. 'Opt in' online - another common issue was
that when people bought credit cards or applied for loans online,
the 'do you want PPI?' box was already ticked. Unless you scrolled
to the end of the terms and conditions, you would have failed to
see this. You also wouldn't get chance to examine whether this was
worth paying for. In other words, you could be paying for an
insurance product that did not cover you.
5. PPI is no longer sold - in most cases, PPI
has died a natural death as a result of the mis-selling scandal.
There are other similar products, such as income protection
insurance, that are far superior products and worth the money.
If you have PPI, you could have a claim for compensation. Why
not call us now for a no obligation chat?
I've heard some real horror stories of people waiting months to
for their PPI compensation to be paid and how stressful they found
the whole process.
And when they did get their money, it was a lot less than the
average of £2,750 that was promised on the text they received from
an official PPI claim company.
And then the company took a big slice of it too! I don't think
I'll bother claiming PPI compensation. It doesn't seem worth
There are many stories of people trying and failing to claim PPI
compensation. There are also stories of people being landed with an
unexpectedly large bill from the claim management company who
helped claim their money back.
We guarantee this won't happen with PPI Scotland. And this is
We always make sure that any advertising we do is correct and
truthful. The presence of PPI is, on its own, not enough to secure
compensation. This is why we always say we need to talk to you, and
asses you claim against various criteria that point to success. We
believe this is one of the reasons why we have a 93%+ success
Unlike some other claim management companies, we have always
been clear on what our free structure is. We charge a flat fee
meaning that if your claim for PPI compensation turns out to be
complex, you won't have a bigger bill.
We change our fee from time to time, so call our expert team
today to ask about our current fee and how to pay it.
No win, no fee means exactly that: if we don't win your case,
you don't have to pay us for our time nor resources.
There is no need to make payments on account nor pay us any
money up front. We take on the financial risk of your case so you
don't have to. You only pay when your claim for PPI compensation is
It sounds scary 'rigorous assessment' but what we mean is this -
our expert staff will talk you through a series of questions. By
answering these to the best of your ability, we can be clear about
not only whether you have a claim, but how much PPI compensation
you could be entitled to.
Fresh from the festive season, you may be looking forward to
2017 with a mix of excitement and anxiety at what the year
Is this the year that YOU claim PPI compensation? Is the writing
on the wall for the whole PPI compensation saga? Or will there be
another twist in the saga that has been running for over a
No one would have thought that back in the mid-1990s, when
concerns were first raised about PPI, that in 2017, the PPI
compensation total would be standing at over £25 billion.
Vince Cable raised a variety of concerns regarding PPI in the
House of Commons including how it was sold, the expense of the
policy and the complexity of the claiming process, as well as the
low pay out rate of successful PPI claims.
There were complaints and super-complaints from leading
organisations such as 'Which?' until finally, on referral to the
now-defunct Competitions Commission, it was found that the selling
of PPI was unfair.
What followed was more wrangling, with legal arguments and
judicial reviews. But, after one ruling the banking industry and
its representative backed down - and the floodgates opened.
By now, the PPI saga was nearing the end of the first decade of
the 21st century. In January 2011, the first PPI
compensation payments were made.
There have been several twists and turns in the PPI story;
The PPI deadline is June 2019, although we are still waiting for
full details on the how and when this deadline will be applied.
But, don't wait.
There is no need to wait. All you ned to do is find the
documentation that shows you have PPI and then call Payment
Protection Scotland. With a high success rate, we can help you
claim the money you are entitled - and before the June 2019
Have you heard that the Financial Conduct Authority (FCA) may be
bowing to pressure and introducing a deadline for PPI compensation
claims? What does it mean? And why are the FCA thinking of
introducing a deadline?
The FCA up until recently, has always been quite clear that a
PPI deadline was some time away. The banks had asked and pressured
for a deadline on several occasions previously, but had always been
decisively and sharply rebuffed.
The first PPI compensation payments were made in January 2011
and now, a full six years and £25.5 billion later, the FCA has
decided that a deadline is needed to draw a line under the whole
unfortunate and embarrassing episode.
Some commentators note that this conciliatory tone within the
FCA has come about since a change in the head of the FCA. Outgoing
head Martin Wheatley was stringent in his dislike for a PPI
deadline and even less impressed by the banks calling for an end to
the mess that they had effectively created.
The new head of the FCA, appointed a year ago in January 2016,
Andrew Bailey seems to have a less rambunctious tone toward the
British banks and lenders.
There are times when you could describe the PPI compensation
process as chaotic.
Back in 2011, the banks made derisory offers of a few hundred
pounds to customers who were owed thousands.
Then banks were suggesting that they didn't hold the information
to give customers the details they needed to lodge a PPI
Customers were also having perfectly reasonable and obvious PPI
compensation claims turned down thus, resources at the Financial
Ombudsman were being swallowed by thousands of PPI compensation
cases every month that should have quickly and easily resolved by
the banks in the first place.
Then, it became clear that bank staff who sold PPI has made
large commissions on sales of PPI something the Supreme Court ruled
The PPI saga has also run into billions, with the current total
standing at twice the budget for the Summer Olympic Games back in
It is a deeper chasm of embarrassment than anyone could possibly
imagine back in the mid-1990s when the sale of PPI was referred to
the then Competition Commission.
If the deadline is confirmed as being June 2019, if you don't
claim PPI compensation before this date, it will be too late. Call
us now - we can help.
It is now an infamous saga, one that has forced changes in the
British banking industry. It has seen vast changes and for the
customer, it has been a chance to claim back their money after
being mis-sold payment protection insurance (PPI).
With a deadline of June 2019 signalling the possible end of the
PPI mis-selling saga, you may be thinking of claiming back your
If this is the case, you will need to know the top mis-selling
reasons as one of these could be the reason why you can claim back
thousands of pounds.
With up to 70% of customers being sold a policy they didn't
need, you could on the brink of claiming back a substantial PPI
We find that many of our customers were unaware that they had a
PPI policy. Many customers also had NOT agreed to the policy,
mainly as it added significant cost to the loan or because they did
not need it. On examining their paperwork, however, they found that
a PPI policy had been added to their loan! If the reason for
mis-selling detailed in your letter of complaint to your lender is
you were either unaware or did not agree, then the onus falls on
the lender to provide proof of your agreement.
Some customers purchased a 'fully protected' loan, only to find
that this included a form of PPI. Whilst this may not be an issue
in some cases, the terms and conditions of the PPI were not fully
explained meaning that the possibility of you NOT being covered by
the PPI policy is high.
Other customers were told that the PPI policy was compulsory.
The terms and conditions of the loan may state that some form of
payment protection insurance is compulsory - this in itself is not
the problem but you may have been given the impression that the
only product that was suitable was their own PPI policy. If this
happened to you, you may have a compensation claim.
Many lenders and banks pre-filled application for their
customers and whilst this may seem helpful, look professional, neat
and tidy, the likelihood is that many of the 'tick boxes' of
optional items such as PPI, were already ticked. In other words,
unless you noticed this or it was drawn to your attention, you
would not have opted out. This is not fair selling.
Although the lender could say everything was in the terms and
conditions, the long reams of small print are not something that
are comfortable to read. In other words, the bank needed to draw
things to your attention and that may not have happened.
We can help you claim your money back and we can start working
on your case today - call us now!
The payment protection insurance (PPI) mis-selling scandal has
been running for some time now. Like a good soap opera, it keeps
rejuvenating its main storyline so that the good guys always win -
the good guys in this soap opera, being the customers and consumer
organisation that have fought long and hard to make PPI
compensation a reality for the thousands of people duped out of
But when it comes to understand some of the terms and jargon
associated with PPI compensation, it can be a little more
Here at Payment Protection Scotland, we have gathered all these
terms together and endeavour to explain them;
APR - is a form of interest banks and lenders
charge on product and is calledAnnual Percentage Rate. The higher
the APR, the more interest you will pay back on your loan or credit
card. You should get your premiums back and the interest charged on
your loan or credit card and an additional 7% on top.
Generic term - this means that the term being
used is a general one, a phrase or word that covers a whole heap of
additional policies etc.PPI is a generic term; in other words,
there are many payment protection insurance type policies but
individual policies from different banks or lenders will be called
different names, sometimes depending on what product they are meant
There are others too; if you are
unsure, contact Payment Protection Scotland?
Letter of Complaint - this is the formal name
given to the detailed letter or form you will send to your bank or
lender asking for your money back. It sets out the reasons why you
believe you were mis-sold PPI. There are examples available online
or when you engage PPI Scotland to act on your behalf, we construct
this as part of the claims package.
NB - Each account with PPI requires a separate letter of
complaint. Your bank or lender assesses your account and your claim
for compensation from the details contained in this letter.
Claims Management Companyor CMC - this is a
company that acts on behalf of its client to make compensation
claims. There are many companies who claim compensation for a
variety of things, such as if you have been injured in an
Payment Protection Scotland is a claims management company
specialising in making compensation claims for mis-sold PPI. We
charge a fee for our service, which can be found in the terms and
conditions on our website OR, better still, give us a call and
speak to one our friendly advisors.