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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…
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.
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
Look through all documentation relating to all loans and from
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.
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
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 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!
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!
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
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.
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.
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
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.
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
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
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
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
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
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
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
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
Take a stand - call Payment Protection Scotland today!
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?
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
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.
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
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
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
You would have found a policy that was much better and much
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
This was not the case. Staff and banks were driven by the large
profits they could make on PPI sales and this clouded their
Isn't it time you claim PPI compensation?
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
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
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?
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;
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.
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!
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
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.
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
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
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
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.
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?
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…
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 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.
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
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.
Providing the last payment was within the last 6 years, you can
make a claim for PPI compensation on the loan.
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
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.
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.
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.
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
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
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
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.
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.
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.