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Archive for tag: Do you Know How to Claim PPI Compensation

Do you Know How to Claim PPI Compensation?

Payment protection insurance (PPI) and the saga around its mis-selling has held the British banking industry in its vice like grip since the mid-1990s when concerns about the product were first raised.

Compensation started to be paid at the very beginning of 2011 and continues to this day. But the days are numbered, with the Financial Conduct Authority consulting on a PPI June 2019 deadline.

This means that if you haven't yet made a claim for PPI compensation, and you don't before June 2019, it will be too late. And this means you could be waving goodbye to thousands of pounds - YOUR money.

Making a claim: what you need to know

To make a claim for PPI compensation, you need to do the following;

1. Find the paperwork or evidence you had PPI

PPI was added to all kinds of accounts that offered credit. Check accounts such as credit cards, car finance, mortgages, loans (personal and secured against property), store cards and some catalogue accounts also had PPI added to them.

You may find PPI as a separate policy or it may be included in the small print of the paperwork used to open your account.

Once you have located it, you have the evidence you need to approach the lender and ask for compensation.

2. Tell them why you were mis-sold PPI

PPI compensation claims have to follow the law as laid down in the Consumer Credit Act. And that means, as the customer, you need to tell the bank, lender or loan provider you were mis-sold PPI and the reasons why.

It may be, for example, you were unaware you had PPI and therefore, this constitutes mis-selling.

Or, you may have been led to believe that it was the right product for you and yet, you were unaware that your current medical condition or age disqualified you from making a claim.

Or, you may have felt at the time, that PPI and the loan you were applying for, for example, came as a package. Some people also felt that if they didn't take out PPI, they were less likely to secure the loan they needed.

3.   Wait for the bank or lender to respond

They should respond within eight weeks of receiving your letter. In straightforward claims, you can receive your PPI compensation within 12 weeks.

For more complex cases, it can take longer and it may also mean that if the bank or lender refuse your claim for PPI compensation, you can refer the matter to the Financial Ombudsman.

Or, you can ask Payment Protection Scotland, a leading, expert claim management company dealing exclusively with PPI compensation claims, to act on your behalf. Why not call us for a no obligation chat?