Glasgow: 0141 844 0017 * Edinburgh: 0131 224 0094 * Lanarkshire: 01698 286 463

Archive for tag: Compensation for Mis-sold PPI

Re-cap – How to Claim Compensation for Mis-sold PPI

The Financial Conduct Authority (FCA) has noted that there is customer apathy when it comes to PPI compensation claims.

Maybe the aggressive advertising by some PPI compensation claims firms, along with the length of time that the saga has been running have impacted on how some people see the PPI compensation situation.

Many people think that is does not affect them, or that they are not entitled or eligible to claim. The truth can be very different which is why here at Payment Protection Scotland, we have determined to re-cap on what you need to know about making a claim for mis-sold payment protection insurance (PPI).

Step 1 - Gather the evidence

Identifying the PPI policy is not difficult, if you know where to look and what to look for.

PPI is a generic term; payment protection insurance was, in some cases, a description of the type of policy being sold to you. Some banks, lenders and financial institutions gave their own product a name, such as 'card care' and so on.

In some cases, the PPI type policy was integral to the account; in other words, it was built in and part of what was sold to you. It may be therefore, that the PPI policy is hidden in the long small print in the documents that accompanied the opening of your account.

In other cases, it may have been sold as a separate policy and thus, you may have separate paperwork.

You may also have more than one policy, and therefore more than one claim.

Step 2 - Mis-selling reasons

In order to claim your money back, you need to tell the bank or lender why you are entitled to compensation. You need to tell them why the PPI policy was, you believe, mis-sold to you.

It may be, for example, that you were unaware you bought it. You may not have been made aware that there were exclusions under the policy and, if you had known, you would not have bought it as you were not covered by the policy. You may also have been given the impression that the purchase of PPI was either compulsory or, you stood a better chance of being accepted for the loan etc. if you bought PPI.

The thing to note is that you did not need to buy any other product, other than the finance you needed at the time you needed it. If you felt forced into buying PPI, you could have a claim.

Step 3 - Submit your claim

You can do this direct or, if you feel you need help, then why not contact the friendly claims team at Payment Protection Scotland?