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Archive for tag: Facts About PPI

Facts About PPI Compensation

There is all kind of information and mis-information that circulates with regard to mis-sold payment protection insurance (PPI) and here, we look to set the record straight with some great facts about PPI…

The PPI compensation pot is collectively bigger than the budget for the Olympic Games back in 2012

Currently the compensation that has been paid out to thousands of customers stands at nearly double the budget for the London Olympic games. Back in 2012, the games had a budget of around £12 billion. Currently, the compensation paid out and the amount that the banks have added to their PPI compensation pots combines to make a total of around £22 billion.

PPI is debt-specific

And this is why you may have more than one claim for PPI compensation. If you had a credit card, there could be PPI added to that and if you had a personal loan, there could be PPI on that too. Each account with PPI will need a separate complaint to be lodged with the bank as it may be possible it was mis-sold on one account but not another (although this is unlikely).

The Financial Ombudsman is taking a year to clear through the backlog of PPI complaints

If your bank refutes your claim for PPI compensation, you have one more avenue open to you - you can ask the Financial Ombudsman Service (FOS) to look at your case and make the final decision. There is no cost to this and although they are taking around 12 months to get through all the cases lodged with them, they do tend to find in favour of the client in 7 out of 10 cases.

There may be an announcement about a PPI 2018 deadline soon

The Financial Conduct Authority (FCA) is considering imposing a deadline simply because they feel that allowing the PPI saga to rumble on is not in favour of the customer nor the banks. NO decision has been made yet so watch this space!

Payment Protection Scotland offer their services on a no win, no fee basis

What this means for you is that the risk of making a claim is all ours. We will assess your case thoroughly before starting on your claims so that we can be confident you have a claim for your money back. And, if we fail - which we rarely do! - you will owe us nothing. You only pay your fee once you have received your PP compensation cheque too.

Finding out more is simple - just call us! There is no obligation to continue with a claim either.

Facts About PPI

Payment protection insurance (PPI) is a product that was mis-sold to thousands of people across not just Scotland, but England and Wales too. With so much information swirling about, it can be easy to be confused by it all and so here, we look at some key facts about claiming compensation for mis-sold PPI:

You could have more than one claim

PPI was a product that was added to all kinds of accounts and products including credit cards, loans and, in some cases, mortgages too.

You are likely to have been affected…

…if you took out a credit card, loan and so on from the 1990s onwards. The mis-selling of PPI was rife for many, many years and thus it is more common than some people think.

Compensation is not automatic

Even though the banks and the lenders in the UK are fully aware that they owe people money and who they sold PPI to, compensation is not automatic. What this essentially means is that you, as the consumer, must still tell the bank why you feel you were mis-sold the product. This complies with consumer law, something that protects us all but in cases such as this, frustrate us too!

Your claim could be worth hundreds or even thousands of pounds

The financial industry has worked out that with the number of policies sold, divided by the number of customers who 'bought' these products the average pay out per person would be between £2,750 and £3,000. Some people receive a lot more compensation than this, some a lot less.

Not everyone is claiming their money back!

Even though PPI and compensation are splashed all over the media and internet on a regular basis, there are still some people who have yet to make a claim. We are always cautioned that anything 'too good to be true probably is' and thus, many people are not quite sold on the idea that they could be owed thousands of pounds. Are you one of them?

You can make a claim yourself…

… or, if you feel more confident allowing a third party to do so, you can approach a company like Payment Protection Scotland. We are a professional company and we charge a fee for our service. Why not contact us and get your claim started today?