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Archive for tag: How Big Is My PPI Claim

How Big Is My PPI Claim?

We are asked many questions about making claims for mis-sold PPI and how easy it is to claim money back. But by far the most frequently asked question is how much money can be claimed? In this article, we answer all your questions.

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How much money could I claim for mis-sold payment protection insurance (PPI)?

It's a question that never surprises us but until we have some more details from you, we can't answer with certainty.

The web and media are full of stories relating to big PPI pay-outs and that leads people to think that they are entitled to claim thousands of pounds in compensation. This may be the case or it may be that you get a few hundred pounds back.

What factors affect the size of a PPI pay out?

There are several factors that affect the size of your PPI compensation claim:

  • Number of policies -some people have more than one PPI policy, so check your accounts carefully.
  • Length of policy term -PPI policies were sold from 1980s onward and so if you have a PPI policy from long ago, you could have a sizeable claim on your hand
  • Premium calculation -on credit cards, the premium changed from month to month as it was charged as a % of the amount outstanding on the account each month.
  • Fees -what other costs and fees were incurred on the account?
  • Commission -commission payments could be more than 50%, something you may not have known. Is this was the case, you could be entitled to claim this back.

What is the biggest claim to date?

A businesswoman received £65,000 in PPI compensation some years ago. She had two credit card accounts, both of which had PPI on and she had these accounts for a number of years. They were also at their limit a lot of the time thus, the PPI premiums she paid were high. Hence, her fabulous and rather unexpected windfall.

How much does it cost to make a claim for PPI compensation?

When you do it yourself, it costs you nothing. We charge a small fee for helping you make claims, payable once you have received your compensation. If we don't win your case, you pay us nothing. This is called no win, no fee. It means there is no financial risk to you.

Why should I use a claim management company?

There is no reason why you should use a claim management company but many people do so through their own choice. It could be a confidence issue, or they may be so busy with their daily lives that the thought of chasing the bank for money fills them with dread.

Why choose Payment Protection Scotland?

As a claim management company, we specialise in PPI compensation claims and have done so for a number of years. We have a high success rate, something we prize and continue to do so with a robust assessment of your potential claim.

Why not contact Payment Protection Scotland to find out more? There is no obligation!