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Archive for tag: Guide to Claiming PPI Compensation

Your 3-Minute Guide to Claiming Compensation

It is still possible to claim PPI compensation but there is a deadline looming. August 2019 may seem a way off yet, but you need to make a decision, and make it now, about whether to claim your money back or not. Can you afford to lose out?

Guide

What is PPI?

It is aspecific type of insuranceproduct that was sold alongside credit agreements including mortgages, personal loans, credit cards, hire purchase agreements, car finance, catalogue accounts, store cards and many other kinds of credit.

It was designed to protect you as the policy holder that in the event that you were unable to make your monthly repayments on the loan, the policy would do it for you.

But was mis-sold thousands of times over to thousands of customers and you could be one of them.

Why is the PPI compensation saga still running?

The reason why the saga has lasted so long is linked to many reasons - one is the fact that34 million PPI policieswere thought to have been sold in the UK. For many customers, they don't realise they have a claim for compensation, as they didn't know they had been 'sold' it in the first place.

The mis-selling problem

Theway in which the PPI policy was presentedto you at the time it was sold may be an indication of whether you were mis-sold it or not.

In some cases, the debate as to whether you were mis-sold the product or not is can actually be complex thus it is important that, if you are unsure, you seek advice.

However, in the main, many customers were…

  • Told the purchase of the PPI policy was compulsory
  • NOT told the limitations, terms, conditions and exclusions of the policy
  • Not told of their eligibility to claim via this policy - in other words, many people were unable to claim on the policy, as they simply were not eligible. Would you have bought it, knowing this?

But the worst case scenario was when some customers, clearly making an emotional decision to borrow money - how nervous were you about securing car finance for the much-needed more modern, reliable family car? - were told that they were more likely to be accepted for finance if they took out the policy.

Claim it back

Don't let the bank or financial institution get away with it. Make sure that you check all the necessary paperwork today for any signs of PPI - should it be on there? Does it cover you for repayments on the loan? Are you eligible to claim?

If not, the chances of you having a claim for compensation are high so why not let Payment Protection Scotland help?