Glasgow: 0141 844 0017 * Edinburgh: 0131 224 0094 * Lanarkshire: 01698 286 463

Claiming PPI – As Easy as They Say?

Claiming compensation for mis-sold payment protection insurance (PPI) should be simple and straight forward but there are a few issues that can creep up and cause a problem or two…

Not Know for Sure You Have PPI

The first and foremost piece of information is to ensure you have all the facts relating to your PPI policy.

This starts with knowing that you definitely have a PPI policy. Finding a policy number, evidence of premium or monthly payments on statements and original documentation are pieces of information that will be helpful in making a claim.

Not Making Claims on ALL PPI Policies

Did you know that it is more than likely you will have more than one PPI policy? this is because the product was debt-specific and therefore applied to any loan, credit card, car finance, store card account etc.

Look through all documentation relating to all loans and from all lenders.

Lenders Can Tell You if You Have a PPI Policy with Them

There was some confusion at the start of the compensation process that placed pressure on the consumer and the consumer alone, for proving that they had PPI in the first place.

There has been a monumental shift in attitude from the banks and lenders, however. They are now more willing to provide their consumers with the information that they need.

Banks Must Respond Within 8 Weeks

The bank or lender who sold you the PPI policy has a stringent set of deadlines by which time they must respond to your claim for compensation.

With banks and lenders under enormous pressure, they are sometimes falling foul of these deadlines with some banks receiving fines for doing so. This is why they are taking on extra staff who are dedicated solely to dealing with PPI claim from customers.

If they don't respond to you, contact them again and also refer your case to the Financial Ombudsman.

The Majority of PPI Claims Are Successful

The truth is that most people who were sold PPI were mis-sold it. It was expensive, had a limited range of cover and several exclusions which customers were not made aware of.

In other words, you could be paying for a policy that did not offer you any cover at all!

Payment Protection Scotland is a Leading Claim Management Company

A claim management company helps people to make claims against companies, such as personal injuries claims. In our case, we specialise in PPI compensation claims.

This means that you will benefit from our many years of working with customers to claim PPI compensation, sometimes in complex cases. And we can help you too. Call us NOW!

How Much PPI Compensation Can I Win?

For many people, the thought if a windfall of cash into their bank account is what spurs them on to make a claim for PPI compensation. And why not? After all, it is your money that the bank took in 'error'.

It is a question we are commonly asked - how much compensation could I win? Here we outline some of the factors that affect your compensation claim and the size of the settlement you could win.

1. Time

The first factor that affects the amount of your settlement is how long you had the PPI policy for. For example, one businesswoman took home a staggering £84,000 but she had had the PPI policy on her credit cards for many years.

The longer you paid premiums for, the more money you have due back to you.

2. Premiums

Premiums also varied from one account to another, and from one customer to another in many cases too.

Premiums on credit cards were calculated as a % of the outstanding balance each month. If you had a credit card that was near to its limit for a length of time, you would be paying a large premium each month. But, if you paid a large chunk off your balance, you would pay less in PPI premiums.

This is why it is always worth checking the compensation settlement that you are offered. Our expert team here at PPI Scotland can do that for you.

3. Number of Policies

The third factor that contributes to your compensation settlement is how many PPI policies you had.

People are often surprised when they call PPI Scotland that they have multiple PPI compensation claims.

And that is why we always ask if you had or have had the following;

  • personal or unsecured loans
  • a second mortgage
  • car finance
  • credit cards
  • store cards including those with well-known high street brands
  • Online credit facilities

If you have more than one PPI policy, you have more than one claim and that means you could have several PPI compensation windfalls making their way into your bank account.

Have a Great Summer Holiday with PPI Compensation!

You can spend your PPI compensation on whatever you like. If you use our service here at Payment Protection Scotland, you only pay for our services if we are successful in getting you your money back.

Once you have paid our bill, you are free to do with your cash as you want. If you start your claim now, providing the bank agree you were mis-sold the policy or policies, you could be enjoying your compensation by summer.

Our expert team is waiting to take your call - why not call us now?

Claiming PPI Compensation – A Lot of Effort for a Measly Payout?

My friend Joan decided to apply for PPI compensation after she saw it was on her credit card account. She had to fill in form after form, as well as talk to various people at the bank. After all that, she got £84 back.

Is it really worth all the hassle to claim PPI compensation for such a small amount?

There are many things that put people off making a compensation claim for mis-sold payment protection insurance. One reason is the perceived 'hassle' of making a claim.

They read stories online or in newspaper that talk of customers filling in many forms, talking to bank representatives and even taking their case to the Financial Ombudsman Service only to find that when compensation is awarded, it was a lot less than they thought.

There are many factors that contribute to the total amount you receive back but irrespective of whether it is a few pounds or thousands of pounds you are due in compensation, making a claim is important…

It Is YOUR Money!

Let's consider the case of someone robbing someone else of cash in their purse. You are sat in a café when someone reaches forward, takes your purse or wallet and takes cash out of it. How would you feel?

Would it feel just as bad if they took £10 or £1,000? Now consider if the person doing it was known to you. And they knew that you didn't have a lot of money or that you struggle from month to month at the moment. How does it feel now?

This is how banks and lenders acted toward their customers. On one hand, your bank professed to know you and have your best interests at heart and yet, they sold you a policy that they know you wouldn't be able to make a claim on.

Now how you do you feel? Does it matter if it is £50 or £50,000?

A Form of Mass Protest

Not all of us are political animals but by joining in the PPI compensation 'movement', you along with thousands and thousands of other customers are taking a stand against the banks and lenders.

For too long, the banks got away with behaviour that was unsavoury and broke fair competition and selling rules. They carried on selling PPI not for a few months to a few people but over years and years to millions of people.

So far, the banks have paid out £24.2 billion in PPI compensation and the figure is still rising. It doesn'thow muchyou are due back in PPI compensation but the fact ofmaking a claimis more important.

Take a stand - call Payment Protection Scotland today!

Was it PPI or the Way it was Sold That Was the Problem?

There are has been a lot written on PPI, the theories behind why it was mis-sold and for so long. There has been even more written on why banks and lenders were so reluctant to admit wrong-doing and start paying compensation to their customers.

But it begs the question - was it the product itself or the way it was sold?

PPI - Debt-Specific

Payment protection insurance was a debt specific product. This means that it was applied to one product at a time. Hence, if you have two credit cards and a loan, you would have three separate PPI policies.

In some ways, if you only had one account or product, it would make sense to have one insurance product on it.

But, it was a shallow product that didn't have much depth to what it would cover. In other words, the possibility of making a claim against the policy was incredibly low. Only 15% of claims that were made paid out. This is an incredibly low pay out figure, especially when compared to other insurance products.

Commission Based Selling

PPI was sold by bank staff to their customers. What was driving the high number of sales was the commission that bank staff would be entitled to if they hit and exceeded their sales targets.

What took over was the drive to meet goals and numbers, not what was right for the customers. Bank staff made commission that handsomely supplemented their salary, as did their supervisors and department heads.

Profit Driven Sales

For the bank or lender, more sales of PPI policies meant more profits. Did you know that in some cases, up to 80% of the cost of a PPI policy was profit for the bank?

This meant that they too realised that the mass selling of PPI policies was only a good thing for them; it meant bigger and better profits.

A Combination of Both

The product wasn't great. It cost a lot of money for very little cover. It was a shallow policy, with no real depth to it and this meant very few people who had PPI were eligible to make a claim.

You would have found a policy that was much better and much cheaper too.

The fact that it was driven by sales, profits and commission and not the needs of customers is also a serious issue.

It meant that people who had no hope of making a claim on their policy carried on paying for it. they assumed that their bank or lender had their best interests at heart and as well as protecting their own investment, they were protecting them as customers too.

This was not the case. Staff and banks were driven by the large profits they could make on PPI sales and this clouded their view.

Isn't it time you claim PPI compensation?

WHY Was PPI Mis-Sold to MILLIONS of Customers?

It's a big question. The answer is complex. But if you have a PPI policy, the likelihood is, you ARE entitled to compensation. But why was the mis-selling of PPI allowed to continue for so long?

Wrapped Up in The Law

Even though it was spotted back in the mid-1990s by consumer groups and some politicians, the issue of stopping banks from mis-selling PPI policies was hindered, in many respects, by the law.

In the UK, the Government does not 'interfere' with the market by dictating what can be sold and at what price. This 'free market' scenario means that when there are issues with how products and services are being sold, the onus must come from the customer.

But thousands upon thousands of customers were blinded by loyalty. Why on earth, they questioned, would their bank, an institution they had been with for decades, sell them a policy that was not only over-priced, but of no use?

It seemed too ludicrous a question to ask.

But it is exactly what happened?

The Way PPI Was Sold

PPI was sold in different ways but they were all essentially underhand. People were often felt they had to buy it so that they got the loan they needed. Or, people were led to believe that it was a fantastic policy that really suited their needs.

But, there were many problems;

  • Joint loan holders were surprised to find that PPI only covered one of them, usually discovering this vital piece of information at a time they needed PPI most.
  • Other people attempted to make a claim but were told they had to wait 6 months.
  • People were not told of the exclusion under the terms and conditions, hence had no idea they couldn't claim if they would no longer work due to a mental health illness or a 'bad back'.
  • PPI was also very expensive, offering very little cover to very few people but cost a lot of money.
  • The process of making a claim was long and complicated. It took over 12 months for a claim to be processed, with the chances of it being a successful claim very slim - only 15% of claims against PPI policies were successful.

Many Changes

There have been many changes in the wake of the PPI mis-selling scandal. Banks are no longer allowed to sell additional products at the same time a customer buys a loan or credit card etc.

There have been bigger changes too, such as the Financial Conduct Authority, the 'new' regulator of the banks and lenders. It is a body that now has more powers to control bank behaviour and compel them to put things right.

Do You Have a PPI Compensation Claim?

If you have had a loan or credit card from the mid-1990s onwards, the likelihood is you were mis-sold PPI. And that means you have a claim for PPI compensation - call us today!

Is The Clock Ticking for PPI Claims?

There has been much written in recent months about a PPI claims deadline. Is the clock ticking on PPI claims? If it is, what do you need to do?

June 2019 could be the month and the year that spell the end of compensation claims for mis-sold payment protection insurance (PPI).

The Financial Conduct Authority (FCA), the body that regulate the banks, lenders and financial companies have muted that a deadline is the best way forward.

In the past, many people have been against imposing a PPI deadline. Some still argue that with 60% of people yet to make a claim, discussing a deadline date is premature.

However, the FCA thinks that the PPI compensation claims need to be brought to an orderly conclusion. Although the banks wanted an earlier date, they are not quite getting their own way.

What Happens Now?

Currently, the FCA are working with several creative ad agencies on the best way to create a campaign that will give people the information that they need to make a claim for PPI compensation.

This needs to be an all-inclusive advert and promotional campaign as many people assume they don't have a claim because PPI applies to everyone else. What is also confusing is that people are unaware that they have a PPI policy.

PPI was often added on later and either the customer not informed, or they are not aware that the policy is a PPI-type one.

What You Can Do NOW

Rather than waiting for a glossy campaign from the FCA - they are reported to be spending up to £42 million on the campaign - you can act now.

Even if you think PPI doesn't affect you, check all your loans, credit cards and any other accounts on which you borrowed money. This also means store cards for well-known high street stores and products such as car finance.

PPI may be listed on the original paperwork or, it may have its own separate booklet or schedule. It may not be called PPI either. Some banks and lenders gave their protection policies a different name.

Essentially, you are looking for an insurance policy that says it will make repayments on the account in the event you are unable to do so. It might go on to say why it will do this - because you are too ill to work, or you have been redundant etc.

Make a PPI Claim

If you have PPI, you could be entitled to a refund. This means telling the bank the reasons why you were mis-sold the policy.

Our expert team can help. Why not call Payment Protection Scotland today for a no obligation chat?

10 Things You Need to Know About Making a PPI Compensation Claim

We've rounded up the top facts from our work as a claim management company specialising in PPI compensation claims. And this is what we found…

You can still claim even if you have lost the paperwork

It may seem like an inconvenience but if you know which company or bank your loan, credit card, store card and so on, you can ask them for a copy of the paperwork. They may charge a fee.

If the firm has gone bust/disappeared, you can still make a claim

If the lender or financial company was regulated by the FCA, you can make a PPI claim through the Financial Services Compensation Scheme (FSCS). This acts as an insurance for covering the liabilities of finance companies.

You can take further steps if the bank reject your claim

If the bank reject your claim and you are unhappy with this decision, you can refer your case to the Financial Ombudsman Service. You should do this within 6 months of the bank refusing your claim.

PPI claims do not affect credit rating

For many people, a poor credit rating stops them doing many things financially but claiming PPI compensation is not one of them. And it won't make your credit rating any worse.

You can make a claim for PPI on a loan that has been paid off in full

Providing the last payment was within the last 6 years, you can make a claim for PPI compensation on the loan.

It may be possible to make a claim on a loan with or without your ex-partner's permission

Some banks and lenders will allow you to make a claim on your own but in other cases, you will need to make a claim

PPI compensation settlements are tax-free

Compensation is you getting your money back and thus, in most cases, you don't need to pay tax on it. However, everyone's tax position varies so always check with your tax adviser, if you have one, or your accountant.

If you were self-employed and sold PPI, you are entitled to claim

The terms and conditions relating to PPI and self-employed status make it a product you would unlikely to have bought if you had known about them. Thus, you have a claim.

PPI was often sold as 'compulsory'

But it wasn't. In fact, you don't have to buy any other product from the bank or lender when taking out a loan. They may insist you have insurance but you can shop around and get the right product at a price that suits you.

We can help you make a claim for PPI compensation. Find out in one phone call - call Payment Protection Scotland today.

 

Has the June 2019 PPI Deadline Been Confirmed?

With so much alleged 'fake news' swirling around, it is increasingly difficult to know who or what to believe.

This is why at Payment Protection Scotland, we have put together this quick 3 minute read on the proposed PPI deadline and what it means.

Is there a deadline in place?

The June 2019 deadline was proposed by the finance industry watchdog, the Financial Conduct Authority (FCA), back at the start of August 2016.

As yet (March 2017), there has been no firm confirmation of the deadline. But, most people think that the lack of news or further updates means that the deadline will be announced alongside the start of a promotional campaign to make people aware of PPI and how to claim.

Why impose a deadline?

The arguments around PPI and the 'how and why' it was being sold to customers was first raised in the mid-1990s but it wasn't until January 2011 that the first PPI compensation payments were made.

Since then, it is fair to say that there has been an avalanche of claims that is costing the banks and lenders dearly - around £24 billion, in fact, thus far. And there are more claims to be made.

Is everyone in favour of a June 2019 PPI deadline?

There are critics on both sides of the fence.

Some financial experts think that there should be no deadline. They say that as yet, only 40% of people with a genuine and eligible claim for PPI compensation have made a claim. That leaves another 60% of people yet to claim.

If all these people were to make a claim between now and June 2019, the system would be flooded and possible unable to cope with the volume of PPI compensation complaints.

Critics also say that banks haven't done much to allay fears that it could happen again. And some banks and lenders have not always been upfront and honest in their compensating endeavours. Consumer groups and critics worry that banks may try and drag out claims beyond June 2019 and then decide not to pay customers.

Banks are not in favour either.They would prefer a closer deadline and were hoping to have a line drawn under the PPI saga by the end of 2018 at the latest.

What does this mean for PPI claims now?

Until there is confirmation of a PPI deadline, consumers are being encouraged to continue lodging complaints for PPI compensation, if they have the grounds to do so.

And with our help, within weeks you could be enjoying the fruits of your PPI compensation. Don't wait for the June 2019 PPI deadline - start your claim today. Call Payment Protection Scotland today!

 

Payment Protection Insurance – are you SURE you don’t have a claim?

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 compensation today;

  • Have you been in receipt of a loan, had a credit card or store card or opened a newmortgage from the mid-1990s onwards?

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 expensive.

Check your accounts and documentation carefully.

  • It is not a complicated process

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:

  1. You were unaware you had bought PPI -in some cases, the product was automatically added to the account without the permission of the account holder. This is common in the cases of PPI and credit cards.
  2. You were told it was compulsory- PPI, along with many other types of insurances of this nature, are optional. Covering your income is not a bad idea but you need not have bought the bank or lender's own product. Some customers already had some form of PPI in place therefore they didn't need the additional product.
  3. Unfair practice- Some customers were led to believe that they would be more like to be accepted for a loan or credit card etc., if they took out the PPI policy. This is unfair practice.
  4. You were retired or self-employed at the time or had a pre-existing medical condition- this relates specifically to the terms and conditions of the PPI policy. Many customers would not have been covered in many cases and, according to a variety of complaints upheld by the Financial Services Ombudsman (FSO), they would not have taken out the policy of these terms and conditions had been fully explained to them.

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 chat NOW.

Changing the Face of UK Financial Industry – PPI Compensation

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.

Contact your lender

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 company.

Refer your case to FOS

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 compensation.

If they do, they will tell your bank to compensate you and how much.

They are independent of government and more importantly from the banks and lenders at the centre of the PPI mis-selling scandal.

Takes time

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:

  1. 1. Did your bank or lender give you clear, fair information, that was not misleading in anyway about the purchase of PPI?

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.

  1. 2. Did the bank take suitable steps to ensure PPI was suitable to your needs?

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.

We can help you not only decide if you have a claim for PPI compensation but also submit your claim.  So why not call Payment Protection Scotland today?