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Archive for tag: Claiming PPI Compensation

Your 3-Minute Guide to Claiming Compensation

It is still possible to claim PPI compensation but there is a deadline looming. August 2019 may seem a way off yet, but you need to make a decision, and make it now, about whether to claim your money back or not. Can you afford to lose out?

Guide

What is PPI?

It is aspecific type of insuranceproduct that was sold alongside credit agreements including mortgages, personal loans, credit cards, hire purchase agreements, car finance, catalogue accounts, store cards and many other kinds of credit.

It was designed to protect you as the policy holder that in the event that you were unable to make your monthly repayments on the loan, the policy would do it for you.

But was mis-sold thousands of times over to thousands of customers and you could be one of them.

Why is the PPI compensation saga still running?

The reason why the saga has lasted so long is linked to many reasons - one is the fact that34 million PPI policieswere thought to have been sold in the UK. For many customers, they don't realise they have a claim for compensation, as they didn't know they had been 'sold' it in the first place.

The mis-selling problem

Theway in which the PPI policy was presentedto you at the time it was sold may be an indication of whether you were mis-sold it or not.

In some cases, the debate as to whether you were mis-sold the product or not is can actually be complex thus it is important that, if you are unsure, you seek advice.

However, in the main, many customers were…

  • Told the purchase of the PPI policy was compulsory
  • NOT told the limitations, terms, conditions and exclusions of the policy
  • Not told of their eligibility to claim via this policy - in other words, many people were unable to claim on the policy, as they simply were not eligible. Would you have bought it, knowing this?

But the worst case scenario was when some customers, clearly making an emotional decision to borrow money - how nervous were you about securing car finance for the much-needed more modern, reliable family car? - were told that they were more likely to be accepted for finance if they took out the policy.

Claim it back

Don't let the bank or financial institution get away with it. Make sure that you check all the necessary paperwork today for any signs of PPI - should it be on there? Does it cover you for repayments on the loan? Are you eligible to claim?

If not, the chances of you having a claim for compensation are high so why not let Payment Protection Scotland help?

Is Claiming PPI Compensation Really as Easy as They Say?

Spend no longer than five minutes searching the web for information relating to PPI compensation claim and you will see a whole host of websites telling you how easy it is to claim back your money.

Easy

But is it that simple?

Most claims are straightforward

There are many, many cases of people claiming back their money with no hassle at all. This as a result of a variety of factors. For example, mis-selling is clear - the bank knew they were self-employed, for example, or over the age of 65 years etc. - and so there is no quibble.

Other claims can be more complex

Despite what various websites say, there are some claims that are more complex and some claims that become a nightmare because the bank or lender don't always follow the rules, so to speak.

Why do some PPI claims become a problem?

There are many reasons but for some people, it can take time and effort to unravel what the issue is;

  • Telephone sales

Many people were sold PPI as an 'add-on' product weeks or possibly months after they bought the original loan. There are rules about how sales can be made to you over the phone, the information that is given to you such as the cancellation period and so on. Some customers felt they weren't given all the information. Banks say that they were but with most phone calls recorded for 'training purposes', there is evidence that can be listened to. But how you interpret the call and the how the bank does can be very different.

  • Advised sales

There was a question mark hanging over what used to make an advised sale and what wasn't. In other words, when the bank was telling you it was the best policy to fit your needs and when they were making suggestions that it may have been the right policy. The rules are much clearer as a result of the PPI scandal - the bank has to advise customers in writing why a policy is the right one.

Who sorts out the PPI compensation mess?

When it comes to issues between the banks and the customer, it is the Financial Ombudsman who sorts out who is right. They also tell the bank how to put it right if it is their fault.

They don't just work on PPI compensation complaints, they work across all kinds of financial products and services. They have taken on hundreds of extra staff to try and get through the PPI complaints as fast as possible.

At one time, customers were given the impression that unless they had 'fresh' evidence, there was not much point taking their PPI complaint to the Ombudsman. But this isn't the case.

Even better news, the Ombudsman is still finding that the customer is right more often than the banks. If your claim has been refused, contact the Ombudsman for information on how to submit your claim to them. Or contact our expert team!

Claiming PPI Compensation – A Lot of Effort for a Measly Payout?

My friend Joan decided to apply for PPI compensation after she saw it was on her credit card account. She had to fill in form after form, as well as talk to various people at the bank. After all that, she got £84 back.

Is it really worth all the hassle to claim PPI compensation for such a small amount?

There are many things that put people off making a compensation claim for mis-sold payment protection insurance. One reason is the perceived 'hassle' of making a claim.

They read stories online or in newspaper that talk of customers filling in many forms, talking to bank representatives and even taking their case to the Financial Ombudsman Service only to find that when compensation is awarded, it was a lot less than they thought.

There are many factors that contribute to the total amount you receive back but irrespective of whether it is a few pounds or thousands of pounds you are due in compensation, making a claim is important…

It Is YOUR Money!

Let's consider the case of someone robbing someone else of cash in their purse. You are sat in a café when someone reaches forward, takes your purse or wallet and takes cash out of it. How would you feel?

Would it feel just as bad if they took £10 or £1,000? Now consider if the person doing it was known to you. And they knew that you didn't have a lot of money or that you struggle from month to month at the moment. How does it feel now?

This is how banks and lenders acted toward their customers. On one hand, your bank professed to know you and have your best interests at heart and yet, they sold you a policy that they know you wouldn't be able to make a claim on.

Now how you do you feel? Does it matter if it is £50 or £50,000?

A Form of Mass Protest

Not all of us are political animals but by joining in the PPI compensation 'movement', you along with thousands and thousands of other customers are taking a stand against the banks and lenders.

For too long, the banks got away with behaviour that was unsavoury and broke fair competition and selling rules. They carried on selling PPI not for a few months to a few people but over years and years to millions of people.

So far, the banks have paid out £24.2 billion in PPI compensation and the figure is still rising. It doesn'thow muchyou are due back in PPI compensation but the fact ofmaking a claimis more important.

Take a stand - call Payment Protection Scotland today!

Claiming PPI compensation – what you need to know!

Claiming compensation for mis-sold payment protection insurance (PPI) should not be onerous or difficult but, some consumer organisations say that some vulnerable customers are still finding it difficult to get their money back.

With an impeding June 2019 deadline, a public awareness campaign should make this easier. But why wait for the deadline? Start your PPI compensation claim today.

Step 1 - Checking your accounts

Firstly, you need to ensure you are checking the right accounts. With PPI, many people assume it is only bank accounts - they certainly have the biggest PPI compensation bills - but it affects any account in which you borrowed money or arranged credit.

Therefore, check: store cards, finance agreements with high street stores (Land of Leather was one of the first to be fined for mis-selling PPI), car finance as well as loans, credit cards, mortgages etc.

Step 2 - What are you looking for?

PPI was not always referred to a PPI. Companies, lenders and banks sometimes called their insurance by different names.

If you are unsure, check what the insurance product offers. If it promises to make repayments on the loan should you be unable to work because you are too ill or because you lost your job, then this is a PPI-type policy.

PPI is also debt-specific. This means that it is linked to that one debt. This is why some people have more than one PPI policy - you could have one on a credit card, another on a loan and so on. Check everything you have and check it carefully.

Step 3 - Tell us why you think it was mis-sold to you

As part of your compensation claim, you will need to tell the bank why the PPI policy was mis-sold to you;

  • You may not have realised you had it until now
  • You were retired when it was old to you
  • You were unemployed at the time it was sold to you
  • You have a pre-existing medical condition which you thought was covered by the policy
  • You were not made aware of the terms and conditions of the policy - if you had you would not have bought it

There are other reasons so so why not tell us your PPI story?

Step 4 - Tell the bank

Some banks and lenders have online forms that can be completed and submitted. Others want to write in with policy numbers and so on. This can be confusing as well as off-putting for some people.

This is why we offer a professional claim management service, specialising in PPI compensation claims. Call us today.

Claiming PPI Compensation

Do the figures stack up? Claiming PPI compensation

Ever wondered how the bank or lender work out what you are owed in compensation having been mis-sold payment protection insurance (PPI)?

And how do some claim management companies who text you out of the blue work out you are owed £3,256.37p in PPI compensation?

The PPI saga has been rumbling on for many years, with the first case beginning in 2011. Over time, thousands of people have claimed their money back, enjoying a windfall of a few hundred pounds to thousands of pounds.

But how do they work it out?

When PPI compensation first started to be paid, banks made offers; they were considered quite derisory offers of £500 or so. Customers balked at this idea as did the consumer organisations. They said this wasn't fair and that people should receive all their money back - and interest too.

Broadly speaking this means you should get back:

  • All the premiums that you paid over the months of years you had the policy
  • Interest should also be refunded at 8%
  • You should also receive back any fees or charges that were made against your account as a result of PPI being added to it

Can Payment Protection Scotland check what I am offered? Yes, we can. In fact, as part of our no win, no fee service, we make sure that we work out what we think is owed to you and compare this to what the bank or lender is offering.

There have been cases of banks under-compensating and it was a claim management company that first noticed this for one of their customers. By not repaying him charges and fees incurred because the PPI premium pushed his account over the credit limit, the customer was set to lose out on thousands of pounds.

But about claim management companies and their text messages?

Many people have fallen for these texts, known as phishing or spam texts. They imply that they already know how much the customer is owed in compensation.

This is impossible simply because no one can access your personal information, let alone work out how much PPI compensation you could be owed, without your permission.

So, if you do have a text that says you are owed X amount of money in PPI compensation, you know that this is simply not the case.

At Payment Protection Scotland, we need to assess not only whether you have PPI on an account but also if you were mis-sold it and, if you were, only then can we accurately calculate how much PPI compensation you may be entitled to.

Find out now how much you are owed in PPI compensation. Call Payment Protection Scotland.

Claiming PPI Compensation – Worth the Hassle?

Are you thinking of claiming compensation of mis-sold payment protection insurance (PPI) but not sure it is worth the hassle?

Do you assume from reading online and press articles that claiming your money back will take months, along with many phone calls and letters?

Do you think it is a loss of time-consuming stress for a tiny pay out? Not worth the hassle?

You really do need to think again!

Step 1: Kicking off your compensation claim

The first thing you need to do is find the paperwork, if you can, that clearly shows you have PPI on your account or accounts.

For most people, this is the step that takes the most time and here's why:

  • Locating paperwork that is long forgotten and possibly misplaced - from spending time in the loft, to dragging out paperwork from your 'safe place', it can be nightmare locating bits of paper that you didn't think you would need again.
  • More than one account - PPI was debt specific and linked with one account; in essence, this means you are searching for paperwork relating to credit cards, loans, mortgages, stores cards, car finance and so on.

Can't find the paperwork? You have two options:

  • Call your bank or lenders to ask if PPI is part of your account(s)
  • Enrol with credit reference agencies such as Experian as they may hold some of the original detail relating to your credit accounts

Step 2: Understanding if you were mis-sold PPI or not

Once you have located your paperwork and you identify PPI lurking in the small print, you will need to start to think as to why PPI was mis-sold to you. There are all kinds of reasons:

  • You didn't agree to it and the PPI had been added to your account without your knowledge
  • You may have been given the impression that you had to buy it
  • Or, you may have been under the impression that by buying PPI, you had a better chance of being accepted for the loan etc.
  • You may have said that you would shop around for a policy but the bank or lender said you had to buy theirs
  • You may also have been advised to buy PPI but are unsure why this was the right policy for you

There are many more reasons why you may have been mis-sold PPI and we can help you with this.

Step 3: Lodge your complaint

You will need to tell the bank or lender you have PPI and on which accounts you have it.

You will then need to tell them why you believe it was mis-sold to you, and you will need to do this for every account that you have with them.

Alternatively, you can ask Payment Protection Scotland to make PPI compensation claims on your behalf - call us, NOW!

Claiming PPI Compensation – Your Questions Answered

With so much information and mis-information circulating about payment protection insurance (PPI) and claiming your money back, it is always worth seeking advice and guidance specific to your case. Here we answer some common questions frequently asked here at Payment Protection Scotland.

If I have no paperwork surely it must be difficult to make a claim?

There is a lot written about paperwork and proof that it can be a little confusing.

At the start of the PPI compensation process, banks were none too keen on giving customers information that could lead to them going on to make a successful claim for compensation. The reason is obvious; it would mean the bank would have to pay them money.

This attitude has softened significantly, with most banks and lenders wanting their customers to claim their money back as they realise just how difficult this process has been and the negative effect it has had on the British banking and financial industry.

Thus, if you are unsure whether you had PPI, all you need to do is ask your bank or lender for the detail and they should provide you with it.

I bought the policy over the phone and agreed with everything the sales representative said. Can I still claim, even though I agreed?

Yes, because you may still have been mis-sold the policy.

For example, were you told how long the policy lasted? In many cases, the PPI policy ran out before the end of the loan.

Were you told what illnesses were excluded under the policy? Were you aware of how expensive the policy would be?

There are many, many reasons why PPI policies were mis-sold to thousands of people. True to say that there are very few cases in which the policy was sold correctly and was of use to the policy holder.

Will it cost me money to use a claim management firm? Do I pay this money upfront?

If any claim management company asks for money up front or on account, then walk away. Any reputable claim management company will work on a no win, no fee basis.

What this means is simple - when you come to Payment Protection Scotland we thoroughly assess you claim, letting you know if you have a claim or not. If you choose to continue, you pay nothing if we fail, only paying our fee if we win PPI compensation on your behalf.

If you claim is successful, you pay the bill after you receive your PPI compensation cheque.

What could be simple? Call Payment Protection Scotland now.