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

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

Ten

1. 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.

2. If the firm has gone bust/or been bought by another bank or financial company, 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 insurance for covering the liabilities of finance companies.

3. You can take further steps if the bank rejects your claim

If the bank rejects 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.

4. PPI claims do not affect your 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 but it could improve it.

5. 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.

6. 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 together.

7. 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.

8. 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.

9. 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.

10.The PPI deadline is only a few months away

If you want to claim PPI compensation on a policy that was sold to you before the summer of 2017, you must lodge your complaint by midnight on August 29th 2019 or risk losing out.

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

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