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Archive for tag: Is PPI Compensation Disappearing

Is PPI Compensation Finally Disappearing?

Fresh from the festive season, you may be looking forward to 2017 with a mix of excitement and anxiety at what the year holds.

Is this the year that YOU claim PPI compensation? Is the writing on the wall for the whole PPI compensation saga? Or will there be another twist in the saga that has been running for over a decade?

1990s

No one would have thought that back in the mid-1990s, when concerns were first raised about PPI, that in 2017, the PPI compensation total would be standing at over £25 billion.

Vince Cable raised a variety of concerns regarding PPI in the House of Commons including how it was sold, the expense of the policy and the complexity of the claiming process, as well as the low pay out rate of successful PPI claims.

2000s

There were complaints and super-complaints from leading organisations such as 'Which?' until finally, on referral to the now-defunct Competitions Commission, it was found that the selling of PPI was unfair.

What followed was more wrangling, with legal arguments and judicial reviews. But, after one ruling the banking industry and its representative backed down - and the floodgates opened.

By now, the PPI saga was nearing the end of the first decade of the 21st century. In January 2011, the first PPI compensation payments were made.

Twists and Turns

There have been several twists and turns in the PPI story;

  • Banks were told to re-open some older cases back in 2014 after it was found that they had under-compensated 2,500 customers
  • Banks and lenders were also told to compensate any fees and costs too, that would have been charged as a result of PPI being added to an account
  • Banks had to write to customers, inviting them to make a claim for PPI compensation
  • A case brought to the Supreme Court at the end of 2014 may change PPI compensation payments in 2017 after it ruled that by not disclosing to customers the level of commission representatives were paid for selling PPI, the banks and lenders were acting unlawfully

Is this the year you will claim PPI compensation?

The PPI deadline is June 2019, although we are still waiting for full details on the how and when this deadline will be applied. But, don't wait.

There is no need to wait. All you ned to do is find the documentation that shows you have PPI and then call Payment Protection Scotland. With a high success rate, we can help you claim the money you are entitled - and before the June 2019 deadline.