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Seeking PPI Compensation Before August 2019 – What You Need To Know

You trusted your bank to do the right by you. But they took advantage and mis-sold you an insurance policy that you were unlikely to be able to claim on. The time has come to claim your money back but you must do so before the PPI deadline August 2019. But what was the problem with PPI?

Seeking

PPI was not a fantastic insurance policy

It was a poor example of an insurance policy too. It was expensive and poor value for money. People paid large monthly premiums for a policy that just about covered the basics - but only if you were in the minority group that was covered by this policy.

Seek compensation, seek justice

You may think this 'good news story' belongs to everyone else.

Some people have claimed thousands of pounds back in PPI compensation. We also know of some people who have received a few hundred pounds.

In many ways, the size of your compensation payout is second to the fact that you are seeking justice by sending a clear message to the banking industry (and others!) that poor selling practices will not be tolerated. And in the end, it will always cost them dearly.

Average PPI pay-out

The average payment calculated by dividing the value of all the PPI policies sold by the number of customers affected gives an average compensation total of £2,750 per person.

But as we've already seen, you may get much more than this, or you may get less.

Putting you back to the financial position you would have been in

Compensation is something that many people seek for all kinds of reasons.

The idea behind a compensation claim is that any settlement offered should be fair and put you back to the financial position you would have been in had you not been sold PPI.

This means that included in the settlement should be the premiums you made to the bank or lender each month, any additional fees or costs that may have been incurred by the addition of PPI to your account and interest at a rate of 8%.

Now, do you see the value of making a claim for mis-sold PPI?

Do you have a claim?

You may be unsure if you have a claim for PPI compensation. Our team will be happy to help. Call us now for an informal discussion and, if you have a claim, what the next steps with PPI Scotland will be.

Call Payment Protection Scotland to find out more NOW and enjoy a fruitful 2019!

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