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.