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Archive for tag: Claim Back PPI in Scotland

How easy is it to claim PPI?

It can be simple and straightforward.

  1. Examine your paperwork and statements for any loans, credit cards and mortgages you have had in the last few years.IFyou have PPI or a similar looking policy on there, you may have an eligible claim for compensation.
  2. You can submit a letter of complaint, with policy numbers and full details to your bank or lender yourself OR you can opt to use a claims management company like Payment Protection Scotland.
  3. Your bank or lender has an 8 week timeframe in which they must respond to your complaint.
  4. Some lenders will make you a PPI compensation 'offer' whilst others will send you a cheque.
  5. If you are happy with your PPI 'offer', then you accept it and sign.
  6. This is a successful end to your PPI compensation claim.

Sometimes, there can be hitches in this PPI compensation journey.

If you opt to use a claims management company like ourselves, then you'll be engaging a reputable and trusted company to work on your behalf. We charge a small fee for our service, currently this is 25% of any final successful compensation payment made to you. IF your PPI compensation claims don't go according to plan, then we don't charge you anymore, but we will still work very hard to resolve your compensation claim successfully.

Consider this scenario, for example;

You have engaged us to make a PPI compensation claim on your behalf. The offer you receive we consider is far too low (banks and lenders will try to get away with paying the least amount in compensation as possible). On your behalf, we then put in another letter of complaint, clearly outlining the reasons why the offer should be increased. On most occasions, we find that this course of action is enough to redress the balance.

What if my claim for PPI compensation is refused?

If you cannot get a satisfactory response from your bank or lender, we would advise that you take your PPI compensation claim to the Financial Services Ombudsman and let them deal with the matter. Unfortunately, this is a common occurrence as some banks have tried very hard not to pay PPI compensation to customers. The FSO has, so far upheld, 71% of PPI complaints made to it against the banks (2011 figures).

There are still customers who have not made a PPI claim as they are unsure, perhaps, if they have an eligible claim. If you are one of those customers, then please contact Payment Protection Scotland and we'll be happy to advise you further.