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Archive for tag: Do You Have a Claim for PPI Compensation

Do You Have a Claim for PPI Compensation?

Perhaps a more appropriate question would be, why wouldn't your claim for PPI compensation be successful? Of the millions of PPI policies sold to thousands of customers over the span of many years, the vast majority of them were mis-sold.

This has resulted in what some people are calling the 'PPI Shambles'. PPI compensation is still being paid in huge amounts to customers of all major banks and lenders, and has been this way for 10 years or more. With the possibility of a PPI deadline June 2019, the question you should be asking yourself is 'why haven't I made my claim for PPI compensation yet?'.

Do you have PPI?

You may be thinking that the payment protection insurance (PPI) scandal doesn't affect you because you don't have a PPI policy.

However, let us consider for a moment the following questions;

  1. From the mid-1990s until the mid-2000s, did you take out a loan, credit card, mortgage, store card, car finance, or any other product in which you borrowed money?
  2. Are you certain you don't have PPI?

PPI was attached or mis-sold alongside all kind of financial products, and it was not limited to just one or two banks. The majority of banks and lenders in the UK are now paying PPI compensation to disgruntled customers for having mis-sold PPI to them - and you could be one of them.

Not always called PPI

PPI is a generic term, a name that describes what the policy does. Some banks, credit card providers and so on, called their product by a different name.

This is why it is important to carefully examine any paperwork you have that relates to making a PPI claim as it may be that you do have this kind of insurance on a product. Unless you are super-confident that you bought a policy under which you are covered, you will probably have a claim for PPI compensation.

If the bank says 'no'!

Many people assume that if the bank says no, that there is nothing more they can do. After all, the bank knows whether they mis-sold the policy or not…

But, the bank or lender can sometimes say they don't owe you compensation because they may not be interpreting the rules for PPI compensation against your claim in the right way.

If you are unhappy with their decision - they should send a written response to you as to why they won't pay you PPI compensation - then you can ask the Financial Ombudsman to look at your case.

Get help

Payment Protection Scotland can help you with your claim. We charge a fee for our professional service. Contact us today and get the ball rolling for your PPI compensation claim!