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Archive for tag: Facts About PPI Compensation

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.