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Everyone loves a good page-turner, a book that when you have
finishes reading it, leaves you sad that you will no longer have
this wonderful world to sink into.
Many people feel like this about the PPI saga, although not for
the same reasons. Banks and lenders can't wait to see the back of
the whole embarrassing episode, and the consumer is also apathetic
about PPI, the marketing texts, phone calls and emails they have
been subject too.
As much as we may deride these PPI adverts on TV, radio and
online, they carry an important message:
These adverts are STILL
appearing because of all the consumers with a claim for PPI
compensation, only 40% have made a claim. So why are the remaining
60% no claiming their cash back?
Payment protection insurance (PPI) was sold to consumers as the
product they needed or must-have in order to protect repayments on
the loan or credit card.
On the face of it, this sounds like a great idea. However, the
problems start when you consider that the insurance product was not
suitable for everyone - but was sold nevertheless.
For example, if you had a pre-existing medical condition, this
was unlikely to have been covered by the PPI policy butyou were
probably not told that.
You were also probably not told that there wereother significant
exclusions.Being self-employed was one of them - if the policy did
cover you, you were unlikely to have agreed to the policy if you
knew the terms and conditions of making a claim.
There were also things likethe level of commission on the sale
of a PPI policy not being disclosed, and the fact that the PPI
policywas added to your account automatically or without your
The point is simple - no one, not even a bank, can foist a
product or insurance policy on you without your express consent.
They may insist you have an insurance policy to cover repayments in
the event you cannot continue to make them, but they cannot force
you to buy their own policy over and above anyone else's.
Although we are told time and time again that claiming PPI
compensation is simple and relatively straightforward - at this
point in time, we have not seen overly complex cases at all - many
consumers are still unsure or not confident to deal with what they
see as, a mountain of paperwork.
As a claim management company specialising in PPI compensation
claims, we can help. We do charge a fee for our professional
service which you can find out more about when you call us.
Start your PPI compensation claim with Payment Protection
We have all the information that you need! Browse through out
list of what to do (and what to avoid) in order to claim your money
Banks and lenders have been told by the banking regulator to
make claiming PPI as easy and as simple as possible. This means
making PPI compensation claim forms and information on how to make
a claim readily available.
Most banks and lenders have these on their website. In most
cases, you don't need to phone them and with some lenders, you can
log your claim online too.
The internet is a wonderful place BUT, it can be full of
misinformation and wrong turns. This is why if you are unsure of
any aspect of advice or help, you turn to the right people.
Claim management companies are, in the main, professional,
expert and reputable companies who specialise in all kinds of
compensation claims. Choose one that has a long and successful
track record with PPI claims, like PPI Scotland.
If you think you have been mis-sold PPI, don't let the bank get
away with it! Make your claim. You could be entitled to thousands
of pounds in premiums, interests and any costs or fees incurred on
your account as a result of PPI being added to it.
Banks and lenders knew that PPI was not a policy that was
suitable for the large majority of customers to whom they sold it.
For example, banks knew when people were self-employed but this
didn't stop them selling a policy that was not really suitable for
Many people assume that because they agreed to PPI, they don't
really have a claim. The point is, that many banks and lenders
didn't give you the full facts about the policy and so what you
agreed to, is not the policy that you were paying for.
For example, if you knew that the policy did not cover your
existing medical condition, would you have still bought it? The
likely answer is no, as the one thing that could stop you from
working and therefore making repayments on your loan, would not
have been covered by the policy.
We have a long, successful history of helping people claim their
money back. From a few hundred pounds, to thousands of pounds,
there is PPI compensation with your name on it!
The payment protection insurance (PPI) scandal has left British
banks and lenders footing a £37 billion compensation bill. And this
amount is set to escalate according to the Financial Ombudsman
Service (FOS) who revealed that they are still being inundated with
cases claiming PPI compensation from disgruntled customers.
The first half the year saw FOS deal with over 91,000 PPI
complaints, a shortfall of only a thousand on the figure for the
same time in 2015.
It had been a long held belief that there would be a dramatic
drop in PPI compensation claims through FOS but this has proved to
be wrong. PPI complaints peaked some years ago but they have been
receiving 3,000 complaints a week for the last six years.
FOS also say that the issues and uncertainties around PPI still
remain a challenge for all involved, including themselves.
The banks have long been lobbying for a PPI compensation
deadline, a date by which time anyone intending on claiming their
money back must do so. Initially reluctant, the Financial Conduct
Authority (FCA), The City regulator, has decided that this is
possibly the best course of action to jolt customers out of
That said, the FCA has stunned the banks and lenders by
suggesting a deadline of June 2019, a date that is over 2 and a
half years away, a larger slice of time that the banks had hoped
for. They were keen on a sooner date, possibly the spring on
This later date of June 2019 will no doubt mean that banks and
lenders will have to put aside yet more cash into their PPI
compensation funds, something that will continue to hit their
But who did customers complain about most when it came to PPI
compensation claims? The figures released by FOS show that the
majority of complaints they dealt with relating to PPI in the first
half of 2016 related to Lloyds and its subsidiary, Bank of
Scotland. The combined group saw 33,984 PPI complained, compared to
9,371 PPI regarding Barclays, 6,975 at HSBC and 2,756 at
The uphold rate has changed slightly, from 7 in 10 claims being
upheld, to 6 in 10 complaints being found in favour of the
Before you submit a complaint about PPI to FOS, you first need
to approach the lender or bank that you believed mis-sold PPI to
If you are unsure how to do this, why not call Payment
Protection Scotland now?
For many people, the thought of enjoying a windfall of cash can
seem like a distant dream. For some, it can be too big a gamble to
take, assuming that to claim PPI compensation it will cost them a
fortune. Thus when their PPI compensation cheque hits the doormat,
there will be nothing left.
But as you will see, making a claim for mis-sold payment
protection insurance (PPI) is not the gamble that you think it
PPI was a policy that was mis-sold alongside a variety of loan,
credit cards and other credit products. This is why you are likely
to have more than one policy as PPI was debt-specific. In other
words, if you had a store card, PPI was likely to be on that as
well as on the car finance loan you had.
Therefore, you have more than one complaint to lodge, possibly
with more than one lender too.
PPI was mis-sold to thousands of customers which is why the
average PPI pay-out is around £2,750 per person as an average of
the number of PPI policies sold and the number of customers
But, you could be entitled to much more PPI compensation or you
could get a lot less. From a few hundred pounds to thousands of
pounds, it is your money and youshouldclaim it back.
In most cases, if you do have a PPI policy, you will more than
likely be able to claim back every penny in premiums that you paid,
as well as 8% interest and any costs or fees incurred as a result
of PPI being added to the account.
You decide how you want to spend or invest your PPI windfall.
Here are a few ideas;
The PPI saga has been rumbling on for some time and the
Financial Conduct Authority has decided that it can't continue for
ever. There is expected to be a firm announcement soon relating to
the proposed PPI deadline.
But, get you skates on and start making a claim for PPI
compensation today - call Payment Protection Scotland.
The mis-selling of payment protection insurance (PPI) and the
subsequent compensation process has changed the banking landscape
in the UK.
Some say that the PPI mis-selling was and is symptomatic of a
banking industry that had become too powerful, with no real
organisation to whom it had to answer.
However, the landscape has changed and it could be changing
Coupled planning on tying the knot will send out 'save the date
cards' to family and friends and in a way, the Financial Conduct
Authority (FCA) did the same thing some time ago. Although they had
previously been unsure about imposing a PPI deadline, realising
that they were fighting a growing sense of apathy amongst
consumers, they decided to act.
Their solution was to tell people by when they needed to make a
claim and although most people thought it would be summer 2018, the
FCA sprung a surprise with its 'save the date' cards. They
suggested another year on top of this, suggesting that June 2019
was a better deadline date.
The banks reacted with a certain sense of shock, surprise and
bewilderment. They had supported (possibly suggested) summer 2018
and were gearing up their resources and campaign strategies to give
money back to their consumers but, with the shock announcement of
June 2019 being the date, they were unsure as how to react.
And this in itself should give people confidence in the FCA.
Although it can be argued that the FCA are pandering to the banks
by imposing a deadline in the first place, their strength in the
face of pressure from the banks to impose their favoured deadline
is a sign of how much the British banking industry has changed -
and how much it has been forced to change.
The FCA is expected to make an announcement on or around
11th October 2016 and Payment Protection Scotland will
be at the front of the queue when it comes to bringing you the news
that affects you and your claim.
But our suggestion is this: if you have a claim for PPI
compensation don't wait for their announcement or for the deadline.
Start your claim right away.
Simple, straightforward claims can be resolved within weeks but
if there are issues, your case may need to be referred to the
As yet, we do not know the rules of the deadline but don't fall
foul of them, make your claim today!
The mis-selling of PPI is a saga that has been running for some
time now so much so that you may be slightly bored or even
irritated by the constant advertising relating to PPI compensation
But why has the saga rumbled on for so long? And, with the
possibility of a PPI deadline in sight, what could happen between
now and June 2019?
The PPI saga is the biggest scandal to have rocked the British
banking industry -EVER! It started back in the mid-1990s and is
still with us today. But as 2016 begins to draw to a close, it may
be that the end is nigh for PPI compensation claims.
Concerns were raised by customers themselves, as well as
consumer groups and organisation that monitor competition (or lack
of) in certain sectors and industries.
Banks were selling an expensive product - payment protection
insurance (PPI) added a significant amount to someone's loan or
credit card. But it wasn't just the cost that was the problem.
The length of time it took to make a claim on PPI was also a
long and complicated processes. To top it all off, research has
found that only 15% of claims made on PPI policies were successful.
But by the time people got their money, almost 12 months could have
And there were other criticisms of the PPI policy too. It was
felt that the way it was being sold was contravening rules on fair
selling. Some customers were told they had to buy it, others were
given the impression that if they didn't, they wouldn't get the
loan so needed.
There were many arguments and counter-arguments but, in the end,
common sense of legal rights prevailed - PPI had been mis-sold and
yes, customers were entitled to their money back.
This means people were entitled to all their premiums, along
with interest at 8% and any costs or fees incurred by PPI being
added to the account or accounts.
There is an announcement expected any day with regard to a PPI
deadline which the Financial Conduct Authority hinting strongly
that June 2019 will be cut off point for PPI claims.
The banks are not keen on having what they see as yet another 3
years of claim after claim after claim, but consumer organisations
point out that at this moment in time, only 40% of people with a
claim for PPI compensation have made their case for
Are you entitled to compensation? Find out TODAY by calling
Payment Protection Scotland.
Everyone with a mobile phone in the UK will have received at
least one text relating to PPI compensation - even the former head
of the Financial Conduct Authority, Martin Wheatley, received
They are the texts from an unknown company, informing you that
there is a cheque or a pot of cash with your name on it, because
everybody - or so they say! - is entitled to claim PPI
Or, they will text telling you with an authoritative tone that
'we know now how much PPI compensation you are owed'. They will
then invite you to call and they can transfer the monies to
But it rarely works this way. These texts are from companies
touting for business. They hook you by promising you a large sum of
money, along with the fact that you don't have to do anything. Who
wouldn't love easy money?
Following up these texts can also land you with a big bill, for
both their 'services' as well as returning premium rate calls via
Ignore them. And this is sound advice based on facts;
Unfortunately, as in all professions, some companies act
ethically and morally better than others. Some companies just want
to take your money and do nothing in return; it is these companies
that give the profession of claim management a bad name.
However, for some people, it makes sense to use a reputable
claim management company. This could be because of lack of time, or
confidence or just the feeling that they would like someone else to
So, how do you find the best claim management company;
Payment Protection Scotland can help - why not call us?
On October 11th 2016, the consultation period on
whether or not to introduce a PPI deadline in June 2019 will come
to an end.
The consultation is being led by the Financial Conduct
Authority. They are the regulatory body that keeps a close eye on
banks and lenders, and how they operate etc. They came into being
as a result of the PPI mis-selling saga which, some say, would have
been avoided if there was a banking regulator who could hold banks
and lenders to account.
The issue of PPI, the way it was being sold and how expensive it
was, was raised back in the mid-1990s. It wasn't until 2011 and
after several legal wrangles and reviews that the banks lost their
fight NOT to compensate their customers for mis-sold PPI.
Since 2011, banks and lenders have compensated customers to the
tune of £24 billion, a figure that is set to carry on rising until
the proposed June 2019 PPI deadline rolls around.
The banks want a deadline that is much sooner than June 2019 -
they were hoping for summer 2018 but the FCA say they have many
concerns. They want the PPI saga to be brought to an orderly
conclusion but also want everyone who is entitled to claim PPI
compensation to do so.
You would think that everyone would be claiming their money back
but, figures show that just under half of those people with PPI
policies have made a claim for compensation.
Apathy occurs when something looks too good to be true or people
assuming that good things only happen to others, or a combination
of such attitudes.
Don't forget that the PPI compensation process has been rumbling
on for eight years or more, so people assume that it affects
everyone but themselves.
The fact that the PPI saga has been rumbling on for so long also
contributes to people not really understanding that it affects
Some of the 60% of customers affected by PPI who haven't made a
claim could actually be completely unaware that they have a claim
because they don't know they have a PPI policy attached to their
loan product and so on. Any marketing campaign will need to be
robust in order to convince these people to take a second look.
Payment Protection Scotland can perform a no obligation PPI
check, helping you to understand if you have a PPI policy and, if
you have a claim for compensation as a result of mis-selling. Find
out more right now by calling us.
There are no hard and fast figures relating to this but, most
experts agree that of these millions of policies sold to thousands
of customers, the vast majority were mis-sold.
Mis-sold means that the bank or lender representative sold you a
policy knowing that your circumstances meant you were unlikely to
a) be able to make a claim or b) be covered by the policy.
For example, selling a PPI policy to someone over the age of 65
years constitutes mis-selling as the policy does not cover those
over this age. Banks and lenders knew this, but sold it to people
65 years + regardless.
There were a few issues raised back in the mid-1990s;
There have changes in regulations, as well a practice and a
significant shift in attitude; whether this lasts remains to be
Banks were initially reluctant to take responsibility for the
wholescale mis-selling of PPI but over the years, they have come to
realise how bad this scandal has made them look. They are now
actively seeking ways of improving customer trust, something that
has been severely dented by the scandal.
The industry regulator has also been 'beefed up'. The Financial
Conduct Authority (FCA) know has more regulatory powers than its
predecessor, the Financial Services Authority. Initially, the FCA
took a hard line against banks and lenders but, with a new head in
place, this attitude is beginning to soften.
The way in which products are sold has also changed but
consumers are also now more aware of how and when banks can sell
them policies in addition to the main financial product they have
Make your claim for PPI compensation because after this date, it
could all be too late…
When the Financial Conduct Authority (FCA) announced they were
consulting the banks, lenders and consumer groups on imposing a PPI
deadline, there were arguments and counter-arguments for and
against the move.
With the consultation period expected to end on October
11th this year, many people are left wondering, will the
deadline be imposed. And, if it is, what will the next two years
Up until this recent announcement by the FCA, there had been
widespread derision about the idea of imposing a PPI deadline. The
banks, as you would expect, had been lobbying for a PPI deadline
for some time.
Many consumer groups were - and still are - against a PPI
deadline and underlying their argument, is one key fact, as they
Some consumer groups, such as 'Which?' say that the PPI
compensation process direct from banks, lenders and financial
institutions are not clear. The process is also long and
cumbersome, especially when, the consumer groups say, that the
banks already know who they owe money too.
In most cases, if someone has a PPI policy, they will be due
compensation. Although there are millions of PPI policies sold - 53
million approximately - not everyone is due compensation; that
said, the vast majority of these 53 million policies have been
mis-sold to people.
However, the PPI mis-selling saga had been running for some time
now and, say the banks and lenders, there is a state of apathy
amongst the British public.
It is easy to see why. With the story of thousands of people
claiming their money back almost looking too good to be true, many
people assume that it is. After all, don't good luck stories happen
to other people…?
Although the FCA say there is going to be a marketing campaign
to ensure that everyone knows about the deadline and how to claim
their money back, many people are simply unaware that they have a
This is because PPI was added to their accounts after they had
taken out the credit product. This also happened with online credit
card applications in which the 'opt in to PPI' box was already
ticked. If you failed to read through the reams of small print, you
were unlikely to come across it.
There seems to be agreement that a PPI deadline will now happen
and the FCA has muted the idea of June 2019. The banks want to
impose a shorter deadline but consumer groups say that if a
deadline must be imposed, the further away it is, the better.
But don't wait to make your claim for PPI compensation - call
Payment Protection Scotland today.