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Archive for tag: A PPI Scotland ‘PPI Quiz’!

A PPI Scotland ‘PPI Quiz’!

Here at Payment Protection Scotland, we like to keep you on your toes when it comes to making claims for mis-sold payment protection insurance (PPI).

With the PPI landscape changing on an almost daily basis, we want to make sure you have all the latest information. But rather than just list facts and figures, we thought we would put it in a quiz format!

Take a look - how many will you get right?

1. PPI is limited to a small number of product - TRUE or FALSE?

PPI is associated with products such as personal loans, secured loan, credit cards, mortgages, store cards, car finance and other products that lent you money when you applied for it. In a sense, this is a TRUE statement as most cases for PPI compensation revolve around loans and credit cards.

2. Every person can claim £2,750 in PPI compensation - TRUE or FALSE?

There is often some confusion around the average figure of compensation which varies between £2,500 and £3,000. This figure was reached by dividing the value of the millions of policies sold, by the number of customers who had bought it. This gives an average PPI compensation figure. This doesn't mean you can claim this amount as each case will vary. Therefore, this statement is false - your claim may be worth a lot less or a lot more.

3. Claims should take no longer than 12 weeks - TRUE or FALSE?

There are all kinds of timeframes, deadlines and limits bandied about that it is easy to become confused. Your bank or lender, on receiving your claim for PPI compensation must reply to you within 8 weeks. This may be to tell you your claim has been successful or it may be to tell you that they are looking at your case. The Financial Ombudsman would like most claims dealt with in 12 weeks but this is not always possible. Therefore, the answer to this is: it varies but if your claim is successful, it should be resolved quickly.

4. If the bank or lender say no, there is nothing more you can do about it - TRUE or FALSE?

False! You can take your claim to the Financial Ombudsman, the body that settles disputes between customers and banks and lenders. They are dealing with thousands of cases and in 7 out of 10 cases, they are finding in favour of the customer.

5. Payment Protection Scotland are a successful claim management company specialising in PPI - TRUE or FALSE?

True! And we can help you. Just pick up the phone and call us for a no obligation chat.