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Archive for tag: PPI Claim Compensation

How to Claim Compensation for Mis-sold PPI

With so much written on payment protection insurance (PPI) and making a compensation claim, it can be easy to forget what the whole thing is about, as well as understanding how to go about making a claim.

How

Here, Payment Protection Scotland re-cap on everything that you need to know about making a claim for compensation, what to look for and so on.

PPI is a generic name…

… PPI can be found on loans, catalogue accounts, credit cards and more but very few explain that PPI is a generic name. Some banks will not have called it PPI, but something else. Quite often the product was given a brand name, such as 'store card care' or maybe even used the name of the bank and or high street lender offering the product.

PPI is not always obvious or easy to spot…

… The banks knew that they were mis-selling the product and that the majority of people to whom they sold it too either did not need it or were not eligible to make a claim on it. As a result, they hid it in the finer detail of the loan or credit card. If you cannot immediately spot it, take a magnifying glass to the small print.

PPI compensation is not automatic…

… Even though PPI was mis-sold, being compensated is not something that happens automatically. Consumer laws still need to be followed and this means that you, as the consumer, need to highlight why you think the product was unsuitable for you. This could be an issue with the policy itself, or it could be the way that it was sold to you.

PPI mis-selling reasons are many and varied…

… There are many reasons you could state that show you were mis-sold the product. For example, some people don't feel that the policy was discussed fully with them. If they had been made aware that pre-existing medical conditions, for example, were not covered by the policy, then they would not have taken it out.

PPI was not good value for money…

… For the little cover it did offer to the small proportion of people, it was still not great value for money. It was expensive, with the bank making around 80 to 90% profit on each policy and yet, it paid out in as few as 15% of cases.

Have you a claim?

Can Payment Protection Scotland help you make a claim for PPI compensation? Why not call us to find out?