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Archive for tag: PPI Claims Scotland

Will There Be a Rush of PPI Claims in 2017?

The announcement of a PPI deadline for June 2019 has once again ignited debate around PPI and whether customers are being railroaded into a process that is benefitting the banks and not them.

Many people predict that 2017 will see a surge in PPI compensation claims. Claims for mis-sold payment protection insurance (PPI) have remained steady in recent years but a clutch of PPI experts, including the Financial Ombudsman believe that cases in the coming year will be the biggest yet.

In fact, the Ombudsman is estimating they will resolve a further 360,000 PPI cases in 2017. So far, banks have collectively paid out £24 billion in compensation since 2011 - and this figure is set to rise even further.

Is Your PPI Compensation Claims One of Them?

Claiming compensation for mis-sold PPI is an action that many people can take simply because PPI is the most mis-sold financial product in British banking history.

And this is why;

  • It was often sold to the customer without their knowledge - you may not have realised that when you applied for a credit card online, for example, that the 'buy PPI' box was already ticked. You didn't need or in many cases, you were not covered by it, meaning you are/were paying for an insurance policy that you didn't want, need or use.
  • Compulsory purchase or not? - PPI is not a compulsory purchase. A bank or lender may insist you have some kind of insurance cover to protect your income when they lend you a large amount of money. This is a common requirement when buying a mortgage. But, the bank cannot stipulate that you buy their own policy and no one else's.
  • Part of getting the best deal - some representatives also told customers that you were more likely to be accepted for a loan if you took out PPI. At times when getting credit was hard, many people fell for this tactic. This is not the case and never has been. Any decision whether to lend you money or not is dependent on your credit score.
  • A packaged deal - some customers were also given the impression it was part of a bunded deal and the best thing for them.
  • Medical exclusions - were you told about some of the illnesses that were excluded under the terms and conditions of the policy? Were you told that existing illnesses were not covered? Or that 'bad backs' and mental health issues were not covered either?
  • Low pay out rate -and would you have bought the policy knowing that it paid out in only 15% of claims or that the process of claiming was long and complex?

If you have PPI, you may have a claim for compensation. Find out today by contacting our team at Payment Protection Scotland.

Is the PPI Landscape About to Change Again?

The mis-selling of payment protection insurance (PPI) and the subsequent compensation process has changed the banking landscape in the UK.

Some say that the PPI mis-selling was and is symptomatic of a banking industry that had become too powerful, with no real organisation to whom it had to answer.

However, the landscape has changed and it could be changing again…

June 2019 - save the date!

Coupled planning on tying the knot will send out 'save the date cards' to family and friends and in a way, the Financial Conduct Authority (FCA) did the same thing some time ago. Although they had previously been unsure about imposing a PPI deadline, realising that they were fighting a growing sense of apathy amongst consumers, they decided to act.

Their solution was to tell people by when they needed to make a claim and although most people thought it would be summer 2018, the FCA sprung a surprise with its 'save the date' cards. They suggested another year on top of this, suggesting that June 2019 was a better deadline date.

The banks react

The banks reacted with a certain sense of shock, surprise and bewilderment. They had supported (possibly suggested) summer 2018 and were gearing up their resources and campaign strategies to give money back to their consumers but, with the shock announcement of June 2019 being the date, they were unsure as how to react.

And this in itself should give people confidence in the FCA. Although it can be argued that the FCA are pandering to the banks by imposing a deadline in the first place, their strength in the face of pressure from the banks to impose their favoured deadline is a sign of how much the British banking industry has changed - and how much it has been forced to change.

How this impacts on YOU!

The FCA is expected to make an announcement on or around 11th October 2016 and Payment Protection Scotland will be at the front of the queue when it comes to bringing you the news that affects you and your claim.

But our suggestion is this: if you have a claim for PPI compensation don't wait for their announcement or for the deadline. Start your claim right away.

Simple, straightforward claims can be resolved within weeks but if there are issues, your case may need to be referred to the Financial Ombudsman.

As yet, we do not know the rules of the deadline but don't fall foul of them, make your claim today!

What is all the Fuss About?

The mis-selling of PPI is a saga that has been running for some time now so much so that you may be slightly bored or even irritated by the constant advertising relating to PPI compensation claims.

But why has the saga rumbled on for so long? And, with the possibility of a PPI deadline in sight, what could happen between now and June 2019?

The PPI saga is the biggest scandal to have rocked the British banking industry -EVER! It started back in the mid-1990s and is still with us today. But as 2016 begins to draw to a close, it may be that the end is nigh for PPI compensation claims.

Concerns were raised by customers themselves, as well as consumer groups and organisation that monitor competition (or lack of) in certain sectors and industries.

Banks were selling an expensive product - payment protection insurance (PPI) added a significant amount to someone's loan or credit card. But it wasn't just the cost that was the problem.

The length of time it took to make a claim on PPI was also a long and complicated processes. To top it all off, research has found that only 15% of claims made on PPI policies were successful. But by the time people got their money, almost 12 months could have passed.

And there were other criticisms of the PPI policy too. It was felt that the way it was being sold was contravening rules on fair selling. Some customers were told they had to buy it, others were given the impression that if they didn't, they wouldn't get the loan so needed.

There were many arguments and counter-arguments but, in the end, common sense of legal rights prevailed - PPI had been mis-sold and yes, customers were entitled to their money back.

This means people were entitled to all their premiums, along with interest at 8% and any costs or fees incurred by PPI being added to the account or accounts.

Is the end for PPI compensation claims in sight?

There is an announcement expected any day with regard to a PPI deadline which the Financial Conduct Authority hinting strongly that June 2019 will be cut off point for PPI claims.

The banks are not keen on having what they see as yet another 3 years of claim after claim after claim, but consumer organisations point out that at this moment in time, only 40% of people with a claim for PPI compensation have made their case for compensation.

Are you entitled to compensation? Find out TODAY by calling Payment Protection Scotland.

The PPI Saga Rumbles on and on…

It looks like the PPI saga is yet to rumble on for some time yet, although the discussion of imposing a PPI compensation deadline in 2018 may be a catalyst for more claims being made in the coming months.

With the announcement of a firm deadline date expected sometime soon, it seems that customers are looking to make sure they get all their money back.

A gift that keeps on giving

Even though the compensation process for mis-sold Payment Protection Insurance (PPI) has been running since early 2011, the number of complaints regarding the most mis-sold financial product of all time is still rising.

The Financial Conduct Authority, the financial industry watchdog, has released data that show PPI complaints rose by 6% between July and December 2015.

In that six-month period, over 900,000 customers contacted their bank or lender about the now infamous and controversial insurance products. Thus far, the banks have paid out billions in compensation and although some banks added more money to the PPI compensation pots at the beginning of the year stating it would be the last time they would need to do so, the rising customer complaints may yet tell a different story.

Claims on policies that date back years

Back in 2011, there were all kinds of stories circulating about the need for a PPI policy needing to be active within the last six years and so on, in order for people to claim compensation having been mis-sold the product.

But a high court ruling paved the way for people to claim back money on PPI policies that dated back a number of years. This act alone shows how much the judicial system itself was incensed by the wholescale mis-selling of PPI to innocent and unsuspecting customers.

The next big mis-selling scandal…?

PPI was a mis-selling scandal of gargantuan proportions and although there is a PPI 2018 deadline proposed, no firm decision has been declared yet.

But there may be another mis-selling scandal lurking in the wings, looking to take over where the PPI compensation saga lifts off.

The most second complained about product from July to December 2015 was current account, with nearly half a million people contacting the FCA about what they see as anomalies in what the bank promise, what the customer pays for and what the customer receives.

Isn't it time you claimed PPI compensation?

Don't wait for an announcement relating to a PPI deadline! Start your claim for PPI compensation today by calling a leading PPI specialist, Payment Protection Scotland.

How do I Know How Much my PPI Compensation Claim is Worth?

You will have many questions regarding compensation payments for mis-sold payment protection insurance (PPI). Luckily, we have the answers!

How do I know I have a claim?

Claiming PPI compensation is not an automatic entitlement. No two cases are the same thus, it one will need examining on its merits.

You need to ask yourself a few questions about the PPI policy itself. For example;

  • Were you made aware of the exclusion under the policy? Not all medical conditions were covered and neither was any medical condition that you had at the time the policy was sold to you. You may be under the impression that it was.
  • Did you feel you had to buy the policy? PPI was no compulsory but some banks and lenders gave the impression it was. And, when they did want an insurance policy in place to protect the money they were lending you, you were entitled to buy insurance elsewhere.
  • Were you made to feel that your application for a loan and so on was more likely to be successful if you too out the PPI insurance? This is not the case as the decision to lend you money should be based on your credit score and affordability, nothing else.
  • Who did the policy cover? We find many of our clients are surprised to find that even though the loan was in joint names, only one of them was covered by the PPI policy.

There are many other reasons why PPI could have been mis-sold to you. To find out what they are, call us now.

How do I make a claim?

You can contact your bank or lender in the first instance, and ask them how you go about making a claim for PPI compensation.

It is a product that was mis-sold on a wholesale basis and some banks that have a huge number of customers to compensate have set up a specialist PPI department. There could also be forms to download on their website.

Not everyone feels confident, able or have the time to do this, preferring instead to use a professional claim management company such as Payment Protection Scotland.

For a fee - a % of your final compensation settlement - we can do everything for you, from contacting your bank to checking that the PPI compensation they offer you is the right amount.

Want to know more? We want to help, so contact us today!

PPI – What you Must do TODAY!

Did you know that the payment protection insurance (PPI) scandal could be drawing to a close? With the announcement of a deadline for PPI compensation claims imminent, start your claim today with Payment Protection Scotland.

You could claim your money even if you agreed to buying PPI

Many people find this a difficult fact to understand because surely, if you agree to something then you know what you are buying? But did you?

And this is the question that many people asked. They thought they had bought a product that would cover their debt as a result of a loss of income for many different reasons but the truth was far different.

Keep reading to find out why…

# The policy may not have covered the medical conditions and illnesses you thought it would

If you have every suffered the agony of a bad back, you will know how difficult it is to do the smallest of tasks, let alone work. Or maybe you have seen the darkness of depression and how paralysing this can be.

But did you know that many of the PPI policies sold to customers would not have paid out for loss of income due to bad backs and mental health issues? These are common illnesses and issues that stop people working, sometimes for a long time.

If you had known this, would you have agreed to buy the PPI policy?

# Your chances of making a successful claim on the policy was as low as 15%

If the bank had told you that in all honesty, the possibility of you making a successful claim was so low, would you still have agreed to buying PPI?

The likelihood is, you wouldn't. Car insurance policies have a high pay out success rate, with over 85% of claims being successful. But with such a low rate, many consumer organisations were critical of the policy.

Likewise, if you were successful in making a claim, the process took so long that you would have been plunged into a financial nightmare.

# You felt you had to agree to the policy

Consider when you were asked to buy the policy - were you really asked or was the conversation more along the lines of 'to stand your application in the best possible light' or 'to help your application you should…'?

Many customers found themselves in a situation in which they were given the impression that buying the PPI policy would be a great move, not so much because it would protect them but because it would make the bank a huge profit.

Now do you see why agreeing to buy PPI policy doesn't mean you do not have a valid claim for compensation? Talk to us - we can help you.

What do you Need to Make a Claim for PPI Compensation?

If you are thinking of making a claim for compensation for what you believe is a mis-sold payment protection insurance (PPI) policy, there are some key facts you need to know…

I. You need to prove the policy was mis-sold to you - following rules laid down in financial consumer law, if you believe any financial product was mis-sold to you, you need to show that this was the case. You need, in other words, to give reasons why you believe or know that the PPI policy was mis-sold.

II. There are many mis-selling 'reasons' - from not being made aware of significant exclusions to being told or made to feel that the purchase of PPI was compulsory, there are all kinds of reasons why it was a policy a mis-sold product.

III. Banks and lenders know who has PPI - even though many banks and lenders at the start of the PPI compensation saga professed to not knowing who had PPI and who didn't, it now seems that with the advent of electronic records that the banks and lenders do know who had PPI. If you cannot find your paperwork, ask your bank of the details.

IV. You can make a claim yourself - there is no need to work with a claim management company but this is your own decision. You can make a claim yourself or work with a company such as PPI Scotland. Like other companies who provide a service, we charge a fee.

V. You need to write a separate letter or completed a separate form for each PPI policy that was sold to you - even though you may have two or three PPI policies with the same bank, you may find that they ask you to submit separate claims. This is so they can look at each policy and decide if that policy was mis-sold or not.

VI. Check offers of compensation carefully - it is widely accepted that you should get every penny of your premiums returned to you, along with interest at 8% and any fees or costs associated with the policy. If you are unsure, ask PPI Scotland for help.

VII. All banks and lenders were involved - it is just the depth of involvement that will vary from one bank or lender to the next. For example, Santander added a significant sum to their PPI compensation fun in January 2016 but said they expected this to be their last addition. Larger banking groups such as Lloyds Banking Group, may have a way to go yet…

VIII. Payment Protection Scotland can quickly assess your case- giving you an idea of whether you have a claim or not within minutes. Isn't it worth giving us a call?

Is PPI Still a Valid Product?

The mis-selling of payment protection insurance (PPI) has left many people wondering if it is still a viable insurance product and how they can protect their finances and debts too.

PPI has landed the banks, lenders and financial companies of the UK in deep and hot water. For many years now, they have been paying out huge sums of money to their customers after the customer has proven they were mis-sold the insurance product.

It has left a big question mark over the product, its usefulness and whether other insurance products would be better placed to offer the customer financial protection.

So, how do you know if a financial or insurance product is right for you?

#1 Seek independent financial advice

Everyone's financial situation is different thus, seeking advice specifically tailored to your needs and financial goals is essential.

PPI may be a policy that was suited to some people but the way in which it was sold suggested that as a product, it was suitable for everyone.

#2 'Catch all' policy or a specific policy?

PPI is fixed to a debt which makes it an inflexible product. It means it only covers that particular debt. If you only have one debt, then PPI makes sense. If you have more than one debt, you may want to look at one policy that covers them all.

#3 Cost

PPI was criticised as being expensive for the small amount of cover it offered. This is a valid and legitimate gripe that many people had. With insurance policies, the more cover they offer, the more expensive it will be.

Premiums also increase when risk increases. This is why income protection insurances increase when they cover pre-existing medical conditions or events such as redundancy.

#4 Why do you need it?

In effect, many customers did not ask or were not told the full reasons as to why PPI was right for them or needed by them.

In many cases, customers were already covered by other insurance policies but the bank will often have said that this was 'not enough' or that customers needed to buy the bank's version of PPI.

Understanding why you need an insurance policy, what it covers and when, are all part and parcel of appreciating whether the policy is right for your circumstances.

#5 Cover from work packages etc.

Insurance products like PPI cover a short fall in your protection of your finances but what some banks failed to address with customers was how much cover employed people already had. Many employers offer benefits packages that mean employees have sick pay and other cover, making PPI obsolete.

Stop Putting off Your PPI Claim – Act Today!

Any day know, we expect the Financial Conduct Authority (FCA) to announce whether there will be a deadline applied to PPI claims. If they do decide to go ahead with a deadline, they will also announce when the cut-off date will be.

So far, predictions of a likely PPI deadline are the end of summer, 2018 but until the decision is made, no one really knows.

As part of the marketing around any deadline, the FCA also say they will mount an advertising campaign to make sure that as many people as possible who do have a claim for PPI compensation are given the facts and information they need.

This is something that Payment Protection Scotland have been doing for many years now. And with the prospect of a PPI deadline looming on the horizon, we decided to recap on some basic facts. Don't delay any longer, act today and start your PPI claim!

You could have more than one claim and with more than one bank or lender

Some people think that payment protection insurance was only applied to one of their accounts when in fact, they could be sat on more than one claim. If you had a credit card, a loan, a mortgage, car finance, catalogue account, store cards and so on, they could ALL have PPI attached to them.

There are numerous mis-selling reasons

There are many reasons that constitute mis-selling of PPI. This reasons could vary from one account to another, as well as from one lender to another. It also varies from one person to another too; So the reasons why your neighbour was mis-sold PPI may not be the same for you.

Tailored advice specifically for you and your cases is key

Many people find the whole issue of dealing with banks and lenders a daunting prospect. Although banks are supposed to create documents in plain English, they can still be confusing. Getting independent advice is key. We will look at your case and tell you whether you have a claim or not - and we don't charge for thise service!

If the bank says no…?

At the start of the compensation claim journey some years ago, if the bank said no many people assumed that this was the end because who else could help them? The Financial Ombudsman Service (FOS) mediates on disputes between banks and customers on financial issues. If the bank disputes your PPI claim, you can ask FOS to make the final decision. With a ruling in favour of the customer in seven out of ten cases, it is worth taking the extra step.

This is YOUR money - start your PPI claim with Payment Protection Scotland now!

Can you Claim Compensation for Mis-sold PPI?

Mrs A. approached the local branch of her bank for a loan in 2001.

She was recently widowed and was finding it hard to make ends meet at a difficult time. She had plans to sell her home, move to something smaller and so on. Until her husband's financial matters were settled and resolved, Mrs A felt that her own finances needed a boost.

She and her husband had banked with the same bank for many years and she felt safe as she went to them that she would receive the best advice in relation to sorting her finances.

As part of the solutions the bank offered, they sorted a personal loan along with various insurances such as critical illness cover and PPI.

However, with the exposure of the mis-sale of PPI, Mrs A decided to make a claim against her bank. The bank initially refused her claim because, they said, she had been advised on why to take out the PPI policy and that she had agreed to it.

There are many red flags in this short appraisal of the situation surrounding the mis-sale of PPI to Mrs A. Some may apply to your claim for PPI compensation:

Emotional decision

One criticism that was often levelled regarding the sale of PPI was that it was offered to people at a time when they were in a heightened emotional state. For customers like Mrs A., borrowing money was not something she was doing on a whim - it was an essential move on her part to be able to live on a day-to-day basis.

She may have been under the impression that she had to agree to the policy that day, unaware she could have thought about it and had 14 days to cancel.

Advised sale

The bank say that they fully advised Mrs A. on why PPI and the other insurances she took out were right for her circumstances at the time. However, an advised sale means that she should have clear why this was the case. Mrs A. was unable to recall why PPI was the right policy nor could she recall why she bought the bank's version of it, when she already had a similar policy that offered better cover.

Since the mis-sale of PPI, customers must receive advice in writing as to why the policy is right for them.

Terms and conditions

Not all the terms and conditions were explained. For example, Mrs A. worked part time, usually less than 16 hours a week although she did cover for colleagues who were absent or on leave. In essence, Mrs A was not covered by the PPI policy.

Has this happened to you? Do you have a claim for PPI?