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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.
The proposal of a June 2019 PPI deadline by the Financial
Conduct Authority (FCA) has led to arguments and counter-arguments
relating to whether this should happen in the first place. But who
is saying what? And what is the likely outcome?
This is the tough line that some consumer groups are taking, in
defence of the man and woman on the street. They feel that the
banks and lenders knowingly and willingly took advantage of their
loyal customers, in order to create vast profits. Sales
representatives were given huge financial incentives to meet
ambitious sales targets and thus, the banks, they say, are not in a
position to suggest, support or advocate a PPI deadline.
According to some sources, under half of the people who have a
claim for PPI compensation have made a claim, around 40%
approximately. That means there is still a large chunk of the adult
population across the country yet to make a claim.
The problem is twofold, or so experts tell us;
The FCA are aware of the need for a marketing campaign that
reaches all sections of society, from the lady living in sheltered
accommodation to the busy working people in the city.
PPI is not a problem that affected a certain group but how some
people respond to things will change from one person to another,
depending on their age, gender and so on.
The reason why the FCA are suggesting June 2019 is so that they
can get their marketing campaign organised. In other words, they
need to do some research as to how they can reach everyone,
ensuring they have the information they need to make a claim for
PPI compensation before the deadline.
Why wait? Call Payment Protection Scotland today.
Payment protection insurance (PPI) is a saga that has been long
running. Just when we thought it was drawing to a close or about to
sink without trace, something would happen to place it firmly back
at the top of the agenda.
With banks announcing yet more money into their compensation
funds, the discussion of a PPI deadline of June 2019 has raised yet
more interest in PPI.
Whilst banks and lenders are being hit hard, there is also
another organisation that is bearing the brunt of the PPI
mis-selling scandal - the Financial Ombudsman Service (FOS).
FOS in their own words are "the UK's official expert in sorting
out problems with banks, insurance, PPI, loans, mortgages, pensions
and other money and financial complaints".
This means that if you think a bank has treated you unfairly or
mis-sold you a financial product, then FOS can help you out. You
will first need to have tried to sort it out with the bank. Some
customers still feel that the bank has treated them poorly or that
they feel a product was mis-sold to them.
FOS deal with all kinds of financial products sold by UK banks
and lenders. They produce annual reports, as well as various
statements throughout the year.
Of all the financial products they deal with, they tell us that
PPI is the most complained about financial product of all time.
FOS recently released a statement that said they were dealing
with or accepting 4,000 PPI complaintseach month.
Don't forget that as FOS deal with PPI complaints, they are also
dealing with other complaints regarding other financial products.
Apparently, the second most-complained about financial product is
packaged current accounts.
PPI complaints represents 188,712 cases that they dealt with
during the financial year 2015 - 2016. This represents more than
half of its work load!
FOS has had to increase its workforce considerably, taking on
some people specifically for dealing with PPI complaints.
FOS are also telling us that the PPI cases that people are
bringing to the are more complex. This means they are spending more
time and resources looking into people's complaints but are still
finding in the case of the consumer more often than not.
FOS will only take referrals if you have tried to claim PPI
compensation from your bank and the bank has refused your claim.
You need to be clear about why you think you are owed PPI
compensation and this is something that PPI Scotland can help you
It may be that you don't need the extra impact that FOS will
bring to your case, especially if you tell your bank clearly why
you are entitled to your money back. Call us to find out more!
With a possibility of a PPI June 2019 deadline looming large,
the writing may finally be on the wall for PPI compensation claims.
However, we will be working hard to make sure that everyone who has
a claim, has the information and help they need to make one… and
well before the deadline!
But, you probably still have some searching questions.
You would think that after all these years, and the relentless
marketing of some claim management companies, that there can be no
one left in the country who has not made a claim for PPI
According to the Professional Financial Claims Association,
their calculations show that only half of the sums paid out
represent refunded payments. In the total bill, a portion is the
actual compensation, as well as 8% interest and administration fees
for processing the claim.
MoneySavingExpert.com say that the Financial Ombudsman Service
is still upholding 70% of complaints relating to PPI in favour of
the customer. This means that banks are still rejecting claims.
Thus, say the experts, this all adds up to banks facing more claims
in the coming years and months.
There could be another lurking in the wings and that is the
fallout from the Plevin Vs. Paragon case. Susan Plevin argued that
if she had known 72% of the £5,780 premium she was paying for the
PPI policy was commission, she would have questioned the cost of
the policy. She argued her case under the 1974 Consumer Credit Act
that by not disclosing commission, it was an unfair sale.
The court agreed. This may mean customers could be entitled to
more compensation if the court agrees that other customers by not
having commission disclose to them, means that their sales were
also unfairly conducted.
The average is about £2,000 although there is one example of an
£82,000 PPI compensation payment and another of £65,000. It depends
on how many PPI policies you have, how long you had them and the
way in which PPI premiums were calculated.
Lloyds Banking Group say they are dealing with less claims each
week. This must mean that PPI claims are coming to a close?
Lloyds Banking Group are the biggest banking group in the UK,
therefore they have the biggest compensation bill. They are
receiving less claims per week, but they are still processing a
staggering 6,700 cases a week.
With the imposition of a PPI deadline, this could sky-rocket
Yes, you can and you can ask Payment Protection Scotland to help
you. Call us now!
As we enter into September, the PPI landscape looks set to
change. We have been at various points similar to this on previous
occasions and just when we think it will go one way, the PPI saga
swings back round again.
In a matter of day, the Financial Conduct Authority (FCA) is set
to announce whether the proposed June 2019 PPI deadline will hold
firm or not. At this stage of the game, it looks like the deadline
will be coming in to play, along with a far-reaching marketing and
The idea of a deadline has been muted on many previous
occasions. Previously, the FCA have always said no to the banks.
Some smaller banks and lenders have also not been keen on a
deadline as they said at the time, they would not be able to cope
with a large influx of PPI compensation claims.
The FCA is now taking a more conciliatory tone, wanting to draw
what they term as an 'orderly conclusion' to the PPI saga. They
want banks to be able to draw a line under the sorry episode that
saw customer confidence and trust severely dented.
Understandably, consumer groups are not happy. They think that
the customer could miss out, and that once again, the banks are
back in the driving seat.
They also point out that by examining the compensation bill, it
is 'easy' to see what only half the customers with a compensation
claim for mis-sold PPI have made one. This means that there could
be a huge influx of compensation claims yet to be made - and they
could all be squashed into a two-year period!
It depends how well the marketing campaign is created and
whether it will reach all the people that need to get the
'Which?' also points out that with some banks and lenders, the
PPI compensation process is unnecessarily long, complex and
cumbersome, a bit like the process of claiming against a PPI policy
used to be.
Other groups say that the banks and lenders know exactly who has
PPI and that they should simply compensate them without delay or
The FCA say that they have pushed the deadline back from summer
2018 to June 2019 so that they can get this marketing campaign
The banks and lenders want the deadline to be sooner. They are
unlikely to get their way but don't hesitate any longer. If you
think you have a claim for PPI compensation, call Payment
Protection Scotland now!
Claiming compensation for mis-sold payment protection insurance
(PPI) should not be onerous or difficult but, some consumer
organisations say that some vulnerable customers are still finding
it difficult to get their money back.
With an impeding June 2019 deadline, a public awareness campaign
should make this easier. But why wait for the deadline? Start your
PPI compensation claim today.
Firstly, you need to ensure you are checking the right accounts.
With PPI, many people assume it is only bank accounts - they
certainly have the biggest PPI compensation bills - but it affects
any account in which you borrowed money or arranged credit.
Therefore, check: store cards, finance agreements with high
street stores (Land of Leather was one of the first to be fined for
mis-selling PPI), car finance as well as loans, credit cards,
PPI was not always referred to a PPI. Companies, lenders and
banks sometimes called their insurance by different names.
If you are unsure, check what the insurance product offers. If
it promises to make repayments on the loan should you be unable to
work because you are too ill or because you lost your job, then
this is a PPI-type policy.
PPI is also debt-specific. This means that it is linked to that
one debt. This is why some people have more than one PPI policy -
you could have one on a credit card, another on a loan and so on.
Check everything you have and check it carefully.
As part of your compensation claim, you will need to tell the
bank why the PPI policy was mis-sold to you;
There are other reasons so so why not tell us your PPI
Some banks and lenders have online forms that can be completed
and submitted. Others want to write in with policy numbers and so
on. This can be confusing as well as off-putting for some
With the announcement of a PPI deadline expected any day, the
time has come to remind customers what the policy is and what the
mis-selling saga is all about.
It is also an opportune time to encourage anyone who has yet to
make a claim for mis-sold payment protection insurance (PPI) to
step forward and do so because the clock could be ticking on making
PPI is an insurance product designed to cover loan repayments in
the event you, the policyholder, became too ill to work or lost
There have been around 50 million policies sold since 1990 but,
in the late 90s, it became clear that there were problems with PPI
and the way it was sold.
It was mis-sold over and over again. The scale of the
mis-selling is hard to comprehend. You could be due all of your
money back but first, you would need to be clear on why you were
mis-sold the policy;
If you think you have PPI compensation claim, come to the
experts for advice.