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Archive for tag: Multiple PPI Claims

You Could Have More Than One PPI Claim!

This and other startling facts revealed by the team at Payment Protection Scotland.

Many customers have one than one PPI claim

Payment protection insurance (PPI) was mis-sold to thousands of customers but, it was not just sold alongside one product. It was sold across a range of products and thus, you could have been sold more than one policy.

For example, if you have more than one credit card, it could be on each of those. If you have more than one personal loan, it could be on each of those.

Your multiple claims could be made across multiple companies too!

There are cases where one PPI policy on one account was underwritten by one financial company or bank, and the PPI on another account underwritten by someone else. Knowing who these companies and banks are is information we have. Call us to see how we can help you.

If a bank has bought another bank or credit card provider etc., they are now responsible for reimbursing customers, even for PPI products sold to them prior to ownership

When a bank or financial company buys another, they take on the company as it is now, and all those dealings from the past too. This is why some banks are paying out thousands of pounds in compensation for mis-sold PPI on accounts from many years ago - and from a time when they didn't own the accounts!

You can claim PPI compensation, even if the account is in arrears

Evidence has shown that for some people, the addition of PPI contributed significantly to the account being in arrears. Often, the addition of the policy pushed the affordability of the loan or credit card into a place where some customers struggled.

It may be that you receive the compensation for mis-sold PPI, or the lender may clear off the arrear on the first, and then pay the balance to you. If the account is still active, they must pay the money to you and not to the account.

The account will need to have been active in recent years…

… although there are cases of people making claims on accounts that were over six years old. This is the normally accept barrier for compensation claims on financial products but, with PPI the problem is no ingrained that the banks and lenders have been told to reimburse as many customers as possible.

PPI payments have given the economy a boost

The windfalls that people have received have boosted certain sections of the economy, such as the number of new cars being sold has risen in recent years. Could you be next to receive a PPI windfall?