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Are You Sure You Don’t Have A PPI Compensation Claim?

The announcement of a 2019 PPI compensation deadline announced a few short months ago, the debate around PPI has been re-ignited.

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What dominates the headlines this time is the fact that less than half of those entitled to make a claim for PPI compensation have done so.

So, check again - are you really sure you don't have a claim for PPI compensation?

Have you had a loan, credit card, car finance, catalogue account, store card or opened a newmortgage at any point from the mid-1990s onwards

The likelihood is that most people have some form of credit facility with a major bank or lender in Scotland as well across the UK.

Banks make their profits by lending money to customers and they made gigantic profits on the back of selling PPI to customers. If you knew the majority of the cost of PPI was profit for the bank, would you have still bought and at the price they were charging?

Claiming PPI compensation is NOT a complicated process (in most cases)

If you find you have 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 four top mis-selling reasons being;

  1. You were unaware you had bought PPI - in some cases, the product was automatically added to the account without your permission.
  2. You were told it was compulsory - PPI, along with many other types of insurances of this nature, is 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 insurance cover in place so didn't need an additional insurance product.
  3. 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 selling practice and simply not allowed. Credit is based on your credit rating, nothing else.
  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.

I have no paperwork or policy numbers, can I still claim PPI compensation before the 2019 deadline?

It may still be possible to make a claim. You can pursue this yourself or you can engage the services of a specialist claims management company like Payment Protection Scotland.

We charge a fee for our service which we will clearly explain to you if you decide to proceed. This is a flat fee, although we charge on a no win, no fee basis.

Contact us today, to talk to our friendly team about making your PPI compensation claim today.

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