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Archive for tag: Common Questions About PPI

4 Common Questions About PPI?

Payment protection insurance (PPI) is a product that most people will have heard of. The issues surrounding PPI were first raised in the late 1990s. two decades on, we are nearing the end of the PPI mis-selling scandal with the PPI dealing August 2019 less than a year away.

Questions

But people still have many questions.

1. How do you know if you were mis-sold PPI? And why do you have to 'prove' it?

In order to make a claim for PPI compensation, you have to prove that;

a) you have the policy on your accountand

b) you were mis-sold it.

Many customers find this unfair and think that banks should simply refund everybody that they know they sold PPI to.

However, consumer law still has to be followed and thus, the customer must show the bank that they were mis-sold the policy.

There are many reasons why PPI may have been mis-sold to you, such as being unaware you had 'bought' it, to being sold PPI when the bank knew that your personal circumstances meant the policy would not have covered you.

The banks also now say that even though they know who they sold may have sold PPI to, they cannot be sure that it was mis-sold to everyone. This is why you need to make a claim.

2.   How much can you claim back?

In the very early days of the compensation process, banks made offers to customers. Fortunately, the customers were advised to refuse these and to ask foralltheir money back.

This is why it can take a few weeks to claim your money back as the right level of compensation must be calculated. Not only will you get back all your premiums, but interest, fees and in some cases, commission too.

3. Why does PPI compensation vary?

Compensation is about making sure that the customer isput back in a financial position that they would have been in had they not been sold PPI. This is why the amount people receive varies from one case to another.

4. What else do I need to know about claiming PPI compensation before August 2019?

You can make a claim for compensation yourself, by contacting your bank and giving them the relevant detail.

Some people prefer to seek help with this and if this is the case, you can use the services of a professional claim management company. Look for one that has a proven track record in helping people claim their cash back, and who are also successful in doing so.

Payment Protection Scotland is a reputable claim management company who will help you get every penny of your money back. Call us to find out more.