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Archive for tag: Claiming Back PPI

Think You Know Everything About Claiming Back PPI?

Then take our quiz and see how you do!

Everyone has a PPI claim… or do they?

Not true! Claiming compensation for mis-sold payment protection insurance (PPI) is not automaticand just because you have a policy does not mean that you are automatically entitled to your money back. You will need to show that you were mis-sold it.

Puzzle

If you were off work with a bad back, the PPI policy would NOT have covered you

True! There are many exclusions under the terms and conditions of PPI, some of which are better known than others but not at the time that people bought into the policy. In terms of medical exclusions, a 'bad back' were not seen as a reason by which the policyholder could claim on the policy. In terms of more serious spinal injury, you may have been able to.

If you had depression or another mental illness that prevented you from working, you would be able to claim on your PPI policy?

Not true! Again, in the very small print which was easily missed was that some PPI policies did not cover mental health issues or illness. Many people are aware of the debilitating effect that mental health issues have on people and despite all the recent help and raising awareness, the PPI policy was not conducive to helping people in this way.

If it was a joint loan, it was a joint PPI policy?

Again, not true! The PPI policy was usually assigned to one person. If you wanted both of you covered you would pay for an insurance policy each. Many people were not made aware of this at the time of purchase and so when they thought they would be covered by the policy, they found that their claim was invalid.

PPI has a low payout rate?

True! Investigations found that PPI policies paid out in only 15% of cases and when they did, the process was slow and laborious, another criticism levied at the banks and the PPI policies they sold.

Payment Protection Scotland is a leading claim management company

True. We are incredibly popular as a claim management company and successful too. We welcome enquiries from everybody. If you would like more advice on your potential claim, as well as more information on how we can help you get your money back, all you need to do is call us. There is no obligation either!

Claiming back your money – what you need to know about claiming PPI compensation

There are many myths that circulate regarding PPI and with the possibility of a PPI deadline looming in 2018, this could be the year that sees yet another influx of successful PPI claims.

So, what do you need to know about payment protection insurance (PPI) and making a claim?

Why is paperwork not always important in making a claim?

Initially, when the PPI scandal broke, many customers were told that the claim back their premiums, they first needed to prove they had a PPI policy.

In one way this is true but, the bank or lender does have records that show who had PPI and who did not. If you want to if you have a claim for PPI, you can either find the documentation or we can contact your bank, lender or financial company to confirm that there was PPI on the loan etc.

But, the banks and lenders are not telling people. Are they?

Again, in the early days of PPI compensation, the banks and lenders were none too keen on telling customers if they had PPI, let alone pay them compensation.

However, over the last few years, the attitude from the banks regarding PPI compensation has changed dramatically. They now realise how damaging this mis-selling saga has been to their reputations, both at home and globally.

Hence, after many arguments, common sense is victorious and banks now want their customers compensated without too much fuss.

They are still not paying the right amount. How do I know I have the right level of PPI compensation?

There have been cases where customers have not received the full amount of compensation. This is for various reasons; some are that the banks have genuinely overlooked some aspects but there have been cases where the bank has held back a portion of the compensation.

If you think you have been under-compensated, you can ask the bank to look again. If you are still not happy you can ask the Financial Ombudsman Service to look at your case. Or, you make your initial claim with Payment Protection Scotland and we will check every step of the way that you have been compensated the right amount.

Can Payment Protection Scotland help me?

If you have PPI on an account, we can help you claim compensation if it was mis-sold to you. If you are unsure whether you have or had PPI on a loan, credit card and so on, we can help determine if there was a policy sold to you.

How do you Claim PPI Compensation?

All you need to know in our quick-to-read guide…

Claiming back your money is not difficult, but you need to know what to do and how! You can claim the money back yourself or you can engage the services of a professional claim management company such as Payment Protection Scotland. We specialise in PPI so why not give us a call and find out how we can navigate the PPI compensation maze?

Step 1: check ALL accounts

People often think that PPI was only added to certain kinds of accounts but you will may be surprised to learn that the mis-selling of PPI applied to virtually every bank and lender in the UK, from the large well-known banking groups to the smaller providers of credit cards.

What am I looking for?

An insurance policy by any name that suggests, promises or guarantees it will make repayments on the debt should you be unable to do so. Check carefully, as some people on some larger loans, such as mortgages, had critical illness cover - this is NOT PPI!

Get help - call us!

Step 2: I'm still not sure

You can call your bank or lender and they should be able to tell you if you have PPI on any of your accounts. If you have a store card, for example, check the documentation and see who the actual provider is and call them.

They won't tell me!

Under the Data Protection Act, for a reasonable fee, providers can and should provide you with information concerning your account including whether PPI was added to it or not. If they continue to refuse, you can notify them that you are reporting them to the Financial Conduct Authority and the Financial Ombudsman Service.

Need help - call us!

Step 3: Claiming back PPI

You will need to tell your bank or lender why you think you were mis-sold PPI. In the vast majority of cases, customers were mis-sold PPI by it being added to their accounts without their permission or simply because it was not suitable.

There are many mis-selling reasons - call us to find out more!

Step 4: The result!

In many cases, the bank or lender will pay back PPI, ensuring their customers receive the correct amount. However, there have been cases recently such as alternative redress and not refunding any costs or fees associated with PPI which has meant some customers are still missing out on the rightful amount of money.

Get every penny back that is owed to you; don't let the banks win!

Frequently Asked Questions About Claiming Back PPI

Claiming back the PPI compensation you are rightfully owed is, in most cases, simple and straightforward. The paperwork is all present, PPI or a similar insurance is clearly marked and the reasons for mis-selling also clear.

These customers, within weeks, will have a PPI compensation cheque winging their way towards them, their name bamboozled across the cheque. They can take the summer holiday they have not been able to afford or maybe pay-off some debts, invest in some stocks and shares or just simply enjoy their bank account being back in the black.

But, for other customers the journey is not so smooth…

The 'I have no paperwork' customer

We are often asked, if a customer has no paperwork, how do we know we are making a genuine claim on their behalf? We understand why people would think that we simply 'put in a claim anyway' but we have a reputation to uphold; unless we can confirm that you have PPI on any account, we cannot and will not proceed with a claim.

How PPI can be 'tested'?

If there is no paperwork, the following courses of action can be taken:

  1. Contact your bank asking for a copy of the original documentation, along with any additional paperwork. You can also ask them if there is PPI on any of your accounts and they should tell you. We can do this for you but we will need written permission from you. Be aware, however, your bank can charge you a small 'finding fee' for this, usually £10 is the accepted fee level.
  2. If this fails, for a small fee, you can join an online credit reference agency; when you take out a loan etc. there is a credit search made with these agencies and a score applied to you. This way, banks and lenders know how much of a risk they are taking. Paperwork, or copies of it, is sometimes lodged with these agencies and may be available.

What happens with debt?

If you have significant debt with a bank or other lender, claiming back PPI compensation could see you wipe out this and still be left with a lump sum. We can help you negotiate this complex claim; why not contact us to find out more?

If they say no, what happens then?

Many people think that this is the end of their claim - it is NOT! Many banks are keen to hang to their profits, staving off the inevitable for as long as possible but the various consumer organisations in the UK are on your side.

To find out what happens next if the bank says no, contact Payment Protection Scotland - you might be surprised…