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Archive for tag: PPI

Impartial Advice on Making a PPI Claim

Finding impartial advice and guidance on how to make a PPI claim can be difficult.

The PPI scandal has mushroomed into a massive problem for British banks, the magnitude of which has caught many people by surprise. Unsolicited text messages, media adverts and cold calling have put many people off making a PPI claim or seeking advice on how to go about it.

Impartial

There are also PPI horror stories of people claiming back very little in PPI compensation but are left with a huge bill from a claim management company.

Answering Your Questions

Here are some questions we are frequently asked;

Are claims management companies just ripping people off?

Here at Payment Protection Scotland, we pride ourselves on our reputation for being a reputable and honest claims company.

We are honest with you right from the start - if we don't think you have a PPI claim, we will tell you.

If you decide to continue, you will be made fully aware of our terms and conditions. You can trust us to work hard for you every step of the way.

But aren't claims management companies responsible for the 'helicopter drop' effect?

The 'helicopter drop' as it has been described, is when a claims management company gathers together PPI compensation claims and submit them all at once to various banks.

They have NOT

  • analysed these claims
  • assessed these PPI claims submitting many that are ineligible.

This leads to backlogs at the banks, as well as increasing their administration costs.

Here at PPI Scotland, we have neverengaged in this practice. Our intention is to help all our customers claim back what is rightfully theirs.

How do you stop this 'clogging the system'?

When you contact us, you will need to give us details of loans, mortgages, credit cards, store cards, car finance etc. and, if possible, the PPI policy numbers on these accounts.

But finding PPI policy numbers, especially on accounts that are closed, can be difficult. You can get policy numbers from documentation that you still have or if you can't find it, then you can contact your bank. Under the Data Protection Act 1986, you are entitled to this information.

If you still can't access these, then contact us as we can help.

How much are your fees?

Our latest fee structure can be found on our website. But if you don't win your PPI compensation claim through us, then you won't pay us a penny. This is our 'no win no fee' guarantee.

And, you only pay when you receive your compensation. No money on account and no upfront fees.

But hurry, because the PPI deadline is months away!

Do you Know How to Claim PPI Compensation Before August 2019?

Payment protection insurance (PPI) and the saga around its mis-selling has held British banking in its vice-like grip since the mid-1990s when concerns about the product were first raised.

KnowHow

Compensation started to be paid in January 2011 and will continue until the PPI August 2019 deadline for PPI policies mis-sold before July 2017.

This means that if you haven't yet made a claim for PPI compensation, and you don't before August 2019,it will be too late. And this means you could be waving goodbye to thousands of pounds of YOUR money.

Making a claim: what you need to know

To make a claim for PPI compensation, you need to do the following;

1.   Find the paperwork or evidence you had PPI

PPI was added to all kinds of accounts that offered credit. Check accounts such as credit cards, car finance, mortgages, loans (personal and secured against property), store cards and some catalogue accounts also had PPI added to them.

You may find PPI as a separate policy or it may be included in the small print of the paperwork used to open your account.

Once you have located it, you have the evidence you need to approach the lender and ask for compensation.

2.   Tell them why you were mis-sold PPI

PPI compensation claims have to follow the law as laid down in the Consumer Credit Act. And that means, as the customer, you need to tell the bank, lender or loan provider you were mis-sold PPI and the reasons why.

It may be, for example, you were unaware you had PPI and therefore, this constitutes mis-selling.

Or, you may have been led to believe that it was the right product for you and yet, you were unaware that your current medical condition or age disqualified you from making a claim.

Or, you may have felt at the time, that PPI and the loan you were applying for, for example, came as a package. Some people also felt that if they didn't take out PPI, they were less likely to secure the loan they needed.

3.   Wait for the bank or lender to respond

They should respond within eight weeks of receiving your letter. In straightforward claims, you can receive your PPI compensation within 12 weeks.

For more complex cases, it can take longer and it may also mean that if the bank or lender refuse your claim for PPI compensation, you can refer the matter to the Financial Ombudsman.

Or, you can ask Payment Protection Scotland, a leading, expert claim management company dealing exclusively with PPI compensation claims, to act on your behalf. Why not call us for a no obligation chat?

 

What Was the Problem with PPI?

With the furore around payment protection insurance (PPI) still going strong, more so with the FCA adverts strongly advising people to make a decision and lodge their claim ahead of the August 2019 PPI deadline. What has become lost in the saga is pinpointing just what the problem was with PPI.

Problem

The PPI saga has taken many twists and turns. Just when you thought all was going quiet on the PPI front, something new would come along and inject new life into the scandal.

But what was the problem? Why did PPI become such an issue?

#1 PPI was expensive

Insurance products can be expensive. The more cover they offer, the more specific they are, the higher the cost.

For a specific life insurance policy, for example, you can pay high premiums every month. But, if you have the peace of mind that should the worst happen, you are covered, you may think this is a price worth paying.

People assumed that the PPI policy that they were paying for would do the same. But it didn't. It was expensive, especially for the very little cover that it did offer. Adding insult to injury is that for some customers, they were paying for an insurance policy that didn't offer them any cover because they were ineligible under its terms and conditions.

#2 Long claiming process

If you did decide to make a claim on the PPI policy, you would come up against two problems;

I.  You may have been horrified to find that the insurance policy you were relying on for cover did not actually cover you or your partner

II. If you were 'covered', the process of making a claim was long, drawn-out, overly complex and off-putting. It took some people - the small minority who did make a successful claim - over 12 months for the policy to kick in.

#3 How it was sold

Do you remember how you were sold PPI, or when it was sold to you?

This was one of the reasons why the sale of PPI was referred under marketing and selling rules to the now closed Competition Commission in the late 1990s.

Customers were being told they had to buy it, it was part of a package or the customer was given the impression that to buy it would stand their application for credit in a better light.

The inference that it was a compulsory purchase led many of us to believe that the bank had our best interest at heart and was selling us a policy that was useful.

It wasn't.

#4 Advised sales

There were also people who were advised to buy PPI, although the reasons why were not made clear.

As a result, there have been many changes in how insurance products can be sold by banks. PPI is no longer a valid insurance product. If you want to protect repayments on loans, take a look at other products such as income protection insurance.

In the meantime, claim PPI compensation with the help of Payment Protection Scotland.

Get Your Money Back – Claim PPI Compensation!

Payment protection insurance (PPI) had become the most talked about financial product in the history of modern-day banking. If you have PPI on loans, credit cards, store cards, car finance, mortgages or any other financial product and think you may be entitled to claim your money back, read on...

Moneyuk

PPI is a BIG problem

PPI was designed to protect repayments on loans or other credit products. A sensible idea and product to buy, you may think.

The good bit…

Should you be unable to work for a variety of reasons, such as redundancy or illness, having an insurance policy that will continue to make repayments on your loan make financial sense. After all, paying regularly and on time protects your credit rating.

The not so good bit…

But, the issue with PPI as a product was that as insurance, it represented poor value for money.The premiums were high for very little cover. There were other issues too;

  • the pay-out rate on claims that were successful was as low at 15%. Compare that to successful claims on car insurance at a payout rate of 85% and you can see what the problem is.
  • PPI also added significant debt to the loan, making the affordability of loans, credit cards more difficult.
  • PPI premiums on credit cards added a large amount to the outstanding debt. Premiums were calculated as a percentage of the amount outstanding on the account each month, so the bigger your credit card balance, the bigger the PPI premium.

A problem with selling

The other issue with PPI was the way in which it was sold. The terms and conditions were also limited, offering that few people cover.

Customers withpre-existing medical conditionswere not covered and some medical conditions or illnesses were not covered. Mental health issues that may have prevented you from working were not covered and neither were spinal or back problems.

Another mis-selling issue was the way that some banks and lenders simplyadded PPI to accounts without consent or permission. This happened most frequently with credit cards.

PPI on loans and other similar products is optional but many customers felt compelled to take out PPI, whilst others were told it was a 'condition of sale'. Some customers said that they felt it was hinted they were more likely to be accepted for the loan if they bought the PPI policy.

Claim PPI compensation with Payment Protection Scotland

If you have taken out a loan, credit card, store card, mortgage, the likelihood is you were also sold PPI too.

Payment Protection Scotland is one of Scotland's leading PPI claims management firms and we can help you claim your money back - call us NOW before the August 2019 PPI deadline.

PPI is Not Just a Banking Industry Problem

Payment protection insurance (PPI) is a product that people commonly associate with mis-selling within the British banking industry. To a certain extent, they are not wrong but there are other lenders affected too.

Bank1

Virtually every bank and building society are affected by the PPI mis-selling scandal, although the severity and scale of the mis-selling of PPI to customers vary significantly from one banking group to another.

But you may be surprised to learn that it also affects large companies such as Argos and Homebase too. An announcement at the start of March 2014 by the company who owns both these brands have put aside £25m to compensate customers mis-sold PPI, have led to some people asking why.

Store cards and loans

Here at PPI Scotland, we have always encouraged customers to check all credit accounts and facilities that have had in recent years, including such things as store cards.

Many customers bought kitchens, TVs and larger appliances on credit from either Argos or Homebase using the credit facility that these brands offered at the time.

Home Retail who owns both the brands accepts that there was a problem, although on a smaller scale than the banks. Its financial arm, regulated by the Financial Conduct Authority, has taken the responsible route of writing to customers.

Just like the letters that banks have sent their customers, if you receive one then you must act quickly if you think you may have some kind of loan or store card with Home Retail and make a claim for PPI compensation.

£25m equates to at least of a quarter of the annual profits that Home Retail has made in recent years, therefore it is a significant sum.

Do you have a PPI compensation claim?

If you think you have PPI on an account with Homebase, Argos or any other bank or lender, then now is the time to contact Payment Protection Scotland…

  1. Contact us by using our online contact form or by calling us but do so quickly because the PPI deadline August 2019 is only a few months away
  2. Have the details of all your accounts in which you know or think you have PPI on them, including paperwork relating to a new kitchen, bathroom or large appliances in which you paid back in instalments
  3. If you cannot find the details that show you have PPI on the account, we may be able to help you find this- there are various options for doing this
  4. Once the forms are signed and returned to us, you can sit back and relax and let us do all the hard work!

We promise to stay in touch with you throughout the process as well as working to get the very best result for you - all this for one fee too!

Seeking PPI Compensation Before August 2019 – What You Need To Know

You trusted your bank to do the right by you. But they took advantage and mis-sold you an insurance policy that you were unlikely to be able to claim on. The time has come to claim your money back but you must do so before the PPI deadline August 2019. But what was the problem with PPI?

Seeking

PPI was not a fantastic insurance policy

It was a poor example of an insurance policy too. It was expensive and poor value for money. People paid large monthly premiums for a policy that just about covered the basics - but only if you were in the minority group that was covered by this policy.

Seek compensation, seek justice

You may think this 'good news story' belongs to everyone else.

Some people have claimed thousands of pounds back in PPI compensation. We also know of some people who have received a few hundred pounds.

In many ways, the size of your compensation payout is second to the fact that you are seeking justice by sending a clear message to the banking industry (and others!) that poor selling practices will not be tolerated. And in the end, it will always cost them dearly.

Average PPI pay-out

The average payment calculated by dividing the value of all the PPI policies sold by the number of customers affected gives an average compensation total of £2,750 per person.

But as we've already seen, you may get much more than this, or you may get less.

Putting you back to the financial position you would have been in

Compensation is something that many people seek for all kinds of reasons.

The idea behind a compensation claim is that any settlement offered should be fair and put you back to the financial position you would have been in had you not been sold PPI.

This means that included in the settlement should be the premiums you made to the bank or lender each month, any additional fees or costs that may have been incurred by the addition of PPI to your account and interest at a rate of 8%.

Now, do you see the value of making a claim for mis-sold PPI?

Do you have a claim?

You may be unsure if you have a claim for PPI compensation. Our team will be happy to help. Call us now for an informal discussion and, if you have a claim, what the next steps with PPI Scotland will be.

Call Payment Protection Scotland to find out more NOW and enjoy a fruitful 2019!

Your Top PPI Questions Answered

Mis-sold on a huge scale, payment protection insurance (PPI) compensation has been claimed by a large chunk of the population.

Ppiquestions

But with 60% of people with eligible claims yet to claim their money back and with the August 2019 PPI deadline looming, we thought we would look at the five most asked questions about PPI and the whole mis-selling saga.

1. HOW were banks mis-selling PPI? 

In most cases, banks and lenders did not fully explain the policy to customers.

For example, they did not tell customers that if they were self-employed, that their claim on the policy was unlikely to be successful unless they closed their businesses down.

Customers were also given the impression that, without PPI, their application was unlikely to be approved. There are cases where PPI was added at a later date and you were simply informed what a great product it was - and not that it was possibly unsuitable.

2. WHY do some reports suggest that the culture of the banking industry at the time lent itself to the mis-selling of PPI?

PPI was a product that the bank liked because, for each PPI policy sold, banks, lenders and brokers made a profit.

Employees who sold policies - either face to face or over the phone - were also making a commission. in fact, it is now generally accepted that commission rates were way above salary rates.

These two factors combined, as well as lack of a regulator with teeth, presented unfettered opportunity to mis-sell PPI.

3. HOW do I make a claim?

You can contact your bank or lender direct and tell them that you believe you were mis-sold PPI. This can be done via letter. Bear in mind that you need to prove you were mid-sold the policy.

Or, you can get help to a make a claim. We charge a fee for this service, a % figure of the final PPI compensation you successfully claim back.

We are professional and passionate in their dealings with claiming back PPI compensation on your behalf. We do all the hard work, leaving you free to enjoy your compensation when it arrives.

4. WHY has my bank written to be me about PPI?

Back in 2013, banks and lenders were told that they must inform customers that they may have been mis-sold PPI and that they can make a claim. Some banks and lenders sent forms with these letters, inviting you to complete and make a claim.

Ignoring this letter could mean that you have missed out of PPI compensation! If you think you received such a letter, contact us NOW!

5. WHAT is the time limit?

There is a 6-year 'rule'. This means the account needs to have been active within the last 6 years BUT, the Financial Conduct Authority has been clear that anyone with a PPI policy that was mis-sold to them is entitled to make a claim.

Frequently Asked Questions On Claiming PPI Compensation

Claiming PPI compensation you are rightfully owed is, in most cases, simple and straightforward. The paperwork is all present, PPI is clearly marked and the reasons for mis-selling are also clear.

Faqs

These customers, within weeks, will have a PPI compensation settlement. They can take the holiday they have not been able to afford or maybe pay-off some debts, invest in some stocks and shares or simply enjoy their bank account being back in the black.

But, for other customers, the journey is not so smooth…

I have no paperwork and the August 2019 PPI deadline is looming. Does that mean I'll miss out?

On one hand, you want to make a claim for PPI compensation but on the other, you need to be 100% confident you have a PPI policy, not easy when you don't have the paperwork.

It can be tempting to put a claim in, without really knowing but you can find out. You can ask your bank or lender for more information - read on to find out how.

How PPI can be 'tested'?

If there is no paperwork, the following courses of action can be taken:

  1. Contact your bank or lender asking for a copy of the original documentation, along with any additional paperwork. You can also ask them if there is PPI on any of your accounts and they should tell you. We can do this for you but we will need written permission from you, as we do to continue with your claim. Banks, lenders and financial institutions have been told that they must no longer charge customers for this service.
  2. If this fails, for a small fee, you can join an online credit reference agency. When you take out a loan etc. there is a credit search made with these agencies and a score applied to you. This way, banks and lenders know how much of a risk they are taking. Paperwork, or copies of it, is sometimes lodged with these agencies and may be available.

What happens if I am in debt? Will I get my PPI settlement?

If you have significant debt with a bank or other lender, claiming back PPI compensation could see you wipe out any debt and still be left with a lump sum. If you are due PPI compensation, the bank or lender may apply it against your debt, although this is unlikely. After all, this is your money. But, if you have an IVA, the situation is different. Contact our team for advice.

If they say no to PPI compensation, is that it?

Many people think that if the bank or lender refutes their claim for PPI compensation, there is nothing more to be done.  You can refer your case to the Financial Ombudsman - or we can do so on your behalf - and they will make the final decision.

With the August 2019 PPI deadline only months away, isn't it time you made your PPI compensation claim?

Making Waves – How the PPI Debacle Forced Change in the Financial and Banking Industry

The compensation process for mis-sold payment protection insurance (PPI) began in earnest back in January 2011. With £32.9 billion already repaid to customers, there are more claims to come - 2019 will be the year that the PPI debacle draws to a close. Will you be left out in the cold?

Waves

But, as a consumer, you may be wondering what has changed to stop something like this happening again.

There have been changes, some of which are specific to the sale of PPI and others that inform good practice across banks and lenders in general.

1. Separate sales

One of the biggest issues with PPI was that it was sold at the same time as the main product, such as a loan. Banks and lenders did, to a certain extent, play on the emotions of their customer, selling them an additional product at a time when they would agree to it because they thought it was important to their loan application.

2. Changes in 'advised sales'

People also thought that when a bank or lender suggested PPI they were in fact, advising them to buy it. Banks argue this was not the case but customers all over the country beg to differ. And so do we! This is why the Financial Conduct Authority has changed a rule: if a bank is advising a customer to buy a product, they need to tell them why in writing.

3. Make terms of sales clearer

Banks and lenders should no longer be offering additional products alongside loans etc.at the time of sale.They should leave a gap of at least 7 days before they offer you an insurance product and make it clear that not buying the product will not affect their application for credit.

4. 'Opt-in' online

Another common issue was that when people bought credit cards or applied for loans online, the 'do you want PPI?' box was already ticked. Unless you scrolled to the end of the terms and conditions, you would have failed to see this. You also wouldn't get a chance to examine whether this was worth paying for. In other words, you could be paying for an insurance product that did not cover you.

5. PPI is no longer sold

In most cases, PPI has died a natural death as a result of the mis-selling scandal. There are other similar products, such as income protection insurance, that are far superior products and worth the money.

If you have PPI, you could have a claim for compensation. Why not call us now for a no obligation chat?

Why Claim PPI Compensation?

I've heard stories of people waiting months to for their PPI compensation to be paid and how stressful they found the whole process.

Why

And when they did get their money, it was a lot less than the average of £2,750 that was promised on the text they received from an official PPI claim company.

And then the company took a big slice of it too! I don't think I'll bother claiming PPI compensation. It doesn't seem worth it.

There are many stories of people trying and failing to claim PPI compensation. There are also stories of people being landed with an unexpectedly large bill from the claim management company who helped claim their money back.

We guarantee this won't happen with Payment Protection Scotland. And this is why;

We don't make promises we can't keep

We always make sure that any advertising we do is correct and truthful. The presence of PPI is, on its own, not enough to secure compensation. This is why we always say we need to talk to you, and asses you claim against various criteria that point to success. We believe this is one of the reasons why we have such a success rate.

We are transparent about our fee

Unlike some other claim management companies, we have always been clear on what our free structure is. We charge a flat fee meaning that if your claim for PPI compensation turns out to be complex, you won't have a bigger bill.

We change our fees from time to time, so call our expert team today to ask about our current fee and how to pay it.

We operate on a no win, no fee basis

No win, no fee means exactly that: if we don't win your case, you don't have to pay us for our time nor resources.

There is no need to make payments on account nor pay us any money up front. We take on the financial risk of your case so you don't have to. You only pay when your claim for PPI compensation is successful.

We have a rigorous assessment process conducted by expert, knowledgeable staff

It sounds scary 'rigorous assessment' but what we mean is this - our expert staff will talk you through a series of questions. By answering these to the best of your ability, we can be clear about not only whether you have a claim, but how much PPI compensation you could be entitled to.

So why not start the conversation today? Call Payment Protection Scotland about your PPI compensation claim.