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Two months into 2017 means we are two months closer to the
all-important June 2019 deadline.
You may think you have plenty of time to lodge a complaint for
PPI compensation but, if the bank refuse your claim, it will need
to be referred to the Financial Services Ombudsman - and that could
mean a long wait.
Thus, you MUST check whether you have a claim for PPI
The likelihood is that most people have some form of credit
facility with a major bank or lender. Banks make their profits by
lending money to customers and charging interest on it. With PPI,
they added massively to their profits because every policy was so
Check your accounts and documentation carefully.
It needn't be. If you find you have some form of 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 parameters for this are:
There are many other reasons why people were mis-sold PPI and
many customers are making successful claims every day.
Call Payment Protection Scotland for a no obligation, informal
There is no doubt that the wide scale mis-selling of payment
protection insurance (PPI) in the UK has changed the face of the
financial services industry.
PPI continues to be a growing issue for consumers. The Financial
Services Ombudsman (FOS), received on average 1,500 new cases each
day. And this shows no sign of slowing. They have also said that
they are finding PPI cases being referred to them are increasingly
complex, but are still finding in the case of the consumer in the
majority of cases.
PPI is the most complained about financial product that the FOS
has ever received.
The first step in claiming PPI compensation is to contact your
lender. You can either do this yourself or by using an
intermediary, such as PPI Scotland.
We specialise in making PPI compensation claims, and nothing
else. So you know when you come to us, you are coming to an expert
If your bank or lender refuses your claim for PPI compensation,
you may be unhappy with this decision. You can ask FOS to take a
look at your case and decide if they think you have a claim for PPI
If they do, they will tell your bank to compensate you and how
They are independent of government and more importantly from the
banks and lenders at the centre of the PPI mis-selling scandal.
Due to the large number of cases being referred to FOS, you may
find that your case will take some months to resolve. The
complexity and nature of your claim will also have an impact on how
long it will take to resolve.
What the FOS look at when decided whether to uphold the
complaint, they will examine two areas:
In other words, your bank or lender should have given you plenty
information, that was clear to understand and highlighted any short
comings in relation to your circumstances.
A simple example would be anyone that had a pre-existing medical
condition should have been made aware of this limitation.
FOS then make a decision based on evidence and in most cases, it
has to be said, they do find in favour of the customer.
Eligibility is key when it comes to making a compensation claim
for mis sold Payment Protection Insurance (PPI).
It may seem like it but banks and lenders are not simply giving
the money back. As per the Consumer Credit Act, the onus is on the
customer to prove they were mis-sold PPI on their product.
PPI is an insurance that is debt -specific, that is, it applies
to the product on which it was sold. It should protect repayments
on the loan, mortgage or credit card etc. should you be in the
position of not being able to meet the repayments due to
redundancy, long term sickness or unemployment.
But, the PPI policy did not cover people many people and, there
were other problems with the policy. Effectively, you paid for a
product that was on no benefit to you.
Look on your documentation, statements etc. for you accounts and
see if there is mention of PPI being added to your product.
There are several ways on which you can acquire this
We are an experienced claims management company who have helped
thousands of Scottish customers make successful PPI compensation
All you need to do is sign a few simple forms and we submit your
claim submit to your bank etc. on your behalf.
We will then check that any PPI compensation off you receives if
the amount we have calculated you are entitled to. On occasions,
some banks have made low offers, assuming that customers will
accept. However, customers are proving to be savvier than this and
insisting on the correct amount of compensation they are entitled
Details of our latest fee can be found on our website. We offer
our service on a no win no fee basis, meaning you will be invoiced
after you have received your compensation.
We know we offer one of the best claims management services
around. Call us today for a no obligation chat.
Payment protection insurance (PPI) and the saga around its
mis-selling has held the British banking industry in its vice like
grip since the mid-1990s when concerns about the product were first
Compensation started to be paid at the very beginning of 2011
and continues to this day. But the days are numbered, with the
Financial Conduct Authority consulting on a PPI June 2019
This means that if you haven't yet made a claim for PPI
compensation, and you don't before June 2019, it will be too late.
And this means you could be waving goodbye to thousands of pounds -
To make a claim for PPI compensation, you need to do the
PPI was added to all kinds of accounts that offered credit.
Check accounts such as credit cards, car finance, mortgages, loans
(personal and secured against property), store cards and some
catalogue accounts also had PPI added to them.
You may find PPI as a separate policy or it may be included in
the small print of the paperwork used to open your account.
Once you have located it, you have the evidence you need to
approach the lender and ask for compensation.
PPI compensation claims have to follow the law as laid down in
the Consumer Credit Act. And that means, as the customer, you need
to tell the bank, lender or loan provider you were mis-sold PPI and
the reasons why.
It may be, for example, you were unaware you had PPI and
therefore, this constitutes mis-selling.
Or, you may have been led to believe that it was the right
product for you and yet, you were unaware that your current medical
condition or age disqualified you from making a claim.
Or, you may have felt at the time, that PPI and the loan you
were applying for, for example, came as a package. Some people also
felt that if they didn't take out PPI, they were less likely to
secure the loan they needed.
They should respond within eight weeks of receiving your letter.
In straightforward claims, you can receive your PPI compensation
within 12 weeks.
For more complex cases, it can take longer and it may also mean
that if the bank or lender refuse your claim for PPI compensation,
you can refer the matter to the Financial Ombudsman.
Or, you can ask Payment Protection Scotland, a leading, expert
claim management company dealing exclusively with PPI compensation
claims, to act on your behalf. Why not call us for a no obligation
This and other little-known facts about claiming PPI
Payment protection insurance (PPI) was mis-sold on a hug scale.
There are thousands and thousands of customers affected right
across the country with millions of policies mis-sold.
Divide the value of policies by the number of customers
suspected as having been mis-sold PPI, and you have an average pay
out of around £2,750.
But you could get much more than this back, or you may get
There are several steps to checking if you have PPI on a loan,
credit card, store card and so on:
I. Look through all your paperwork -it is worth spending the
time trawling through all papers and documents you have relating to
loans, mortgages, car finance and so on. PPI may lurk on the
original documents, or the policy may have been sent to you
separately. Either way, you could claim your money back.
II. Ask your lender or bank for proof of PPI -back in the
early days when banks and lenders were told they had to compensate
customers, banks and lenders were not so keen on letting you know
if you had PPI. But, after yet more wrangling and arguments, banks
and lenders have now realised that a more conciliatory tone is the
way forward. Thus, most banks and lenders will, for free, tell you
if you have PPI or not (don't forget to ask for evidence of
If you have no joy following these two steps, some credit
reference agencies may hold the original agreements on file but,
they do charge a fee for this. Check the small print before you
But what does this actually mean? What is means is simple: you
won't owe us anything if we lose your claim for PPI
You only pay us - check our website for our current fee rate -
if we are successful in claiming your money back. If you have more
than one claim, the fee is based on the total of what you win in
compensation. You won't pay for unsuccessful claims.
This is because we spend time assessing every claim to ensure
that there is a PPI policy against which someone has a genuine
claim for compensation.
And we can help you. Contact us for a no obligation chat.
Claim management companies (CMCs) have faced heavy criticism in
the past. With little regulation, the industry has grown
considerably in the last few years.
Less-reputable CMCs have created a poor reputation of the
industry, especially in the poor service that some clients received
coupled with high fees.
But, you will be pleased to hear, not all CMCs are the same. PPI
Scotland has long held an enviable reputation for providing the
best quality service to all its customers seeking redress after
being mis-sold PPI.
But, are there benefits to using a claim management company like
PPI Scotland? If so, what are they?
Here, we point out the three benefits of using Payment
Protection Scotland to make a PPI compensation claim on your
Claiming PPI compensation should not be complicated. It should
be relatively straightforward: the customer was sold a policy they
didn't want or need. Thus, compensation is due.
However, not all cases are straightforward.
There are also cases where people have been duped, offered less
compensation than what they were entitled to. It was a claim
management company that spotted errors in how one bank was
compensation customers and that people were, in fact, entitled to
For customers with significant debts, arrears and IVAs etc.,
claiming PPI compensation can look and feel more complex, which is
where a specialist PPI claim management company like Payment
Protection Scotland can be instrumental.
Knowing where to start can be difficult.
If your bank, lender, credit card provider etc. still exist, the
channel is obvious: call them, email them, log on to your account
and log a PPI claim.
But what about when lenders and finance companies no longer
exist as a separate entity? Who do customers of Egg credit cards
turn to for PPI compensation?
At Payment Protection Scotland, we know who to chase and where
For some people, making a claim for PPI compensation can feel
like an uphill battle. With official looking forms and jargon, it
is a quagmire of information through which you have to wade, unsure
that there is any reward at the end of it.
With Payment Protection Scotland, you get all the information
you need, great assistance and brilliant support to claim every
penny of PPI compensation you are entitled to.
Better still, we offer great advice on a no obligation basis -
so contact us now, and let's start working on your PPI compensation
Payment protection insurance (PPI) had become the most talked
about financial product in the history of modern-day banking.
If you have PPI on loans, credit cards, store cards, car
finance, mortgages or any other financial product and think you may
be entitled to claim your money back, read on...
PPI was designed to protect the repayments on loans or other
credit products. A sensible idea and product to buy, you may
Should you be unable to work for a variety of reasons, such as
redundancy or illness, having an insurance policy that will
continue to make repayments on your loan make financial sense.
After all, paying regularly and on time protects your credit
But, the issue with PPI as a product was that as insurance, it
represented poor value for money.The premiums were high for very
And, the pay-out rate on claims that were successful was as low
at 15%. Compare that to successful claims on car insurance at a
pay-out rate of 85% and you can see what the problem is.
PPI also added significant debt to the loan, making the
affordability of loans, credit cards etc. difficult. PPI premiums
on credit cards added a large amount to the outstanding debt.
Premiums were calculated as a percentage of the amount outstanding
on the account each month, so the bigger your credit card balance,
the bigger the PPI premium.
The other issue with PPI was the way in which it was sold. The
terms and conditions were also limited, offering that few people
Customers with pre-existing medical conditions were not covered
and some medical conditions or illnesses were not covered. Mental
health issues that may have prevented you from working were not
covered and neither were spinal or back problems.
Another mis-selling issue was the way that some banks and
lenders simply added PPI to accounts without consent or permission.
This happened most frequently with credit cards.
PPI on loans and other similar products is optional but many
customers felt compelled to take out PPI, whilst others were told
it was a 'condition of sale'. Some customers said that they felt it
was hinted they were more likely to be accepted for the loan if
they bought the PPI policy.
If you have taken out a loan, credit card, store card, mortgage,
the likelihood is you were also sold PPI too.
Payment Protection Scotland is one of Scotland's leading PPI
claims management firms and we can help you claim your money back -
call us NOW!
Payment protection insurance (PPI) is a product that people
commonly associate with mis-selling within the British banking
industry. To a certain extent, they are not wrong but there are
other lenders affected too.
Virtually every bank and building society are affected by the
PPI mis-selling scandal, although the severity and scale of the
mis-selling of PPI to customers varies significantly from one
banking group to another.
But you may be surprised to learn that it also affects large
companies such as Argos and Homebase too. An announcement at the
start of March 2014 by the company who owns both these brands have
put aside £25m to compensate customers mis-sold PPI, have led to
some people asking why.
Here at Payment Protection Scotland, we have always encouraged
customers to check all credit accounts and facilities that have had
in recent years, including such things as store cards.
Many customers bought kitchens, TVs and larger appliances on
credit from either Argos or Homebase using the credit facility that
these brands offered at the time.
Home Retail who owns both the brands, accepts that there was a
problem, although on a smaller scale than the banks. Its financial
arm, regulated by the Financial Conduct Authority, have taken the
responsible route of writing to customers.
Just like the letters that banks have sent their customers, if
you receive one then you must act quickly if you think you may have
some kind of loan or store card with Home Retail and make a claim
for PPI compensation.
£25m equates to at least of quarter of the annual profits that
Home Retail has made in recent years, therefor it is a significant
If you think you have PPI on an account with Homebase, Argos or
any other bank or lender, then now is the time to contact Payment
We promise to stay in touch with you throughout the process as
well as working to get the very best result for you - all this for
one fee too!
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.