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Archive for tag: PPI Compensation

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.


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?


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...


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.

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.


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?

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.


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.


Grab Your Share of PPI Compensation Before It’s Too Late!

The figures are astounding and eye-watering. And the extent and magnitude of the PPI compensation saga shows just how much money banks and lender were profiting from the sale of the policies.


And don't forget, that banks staff and representatives, on selling a PPI policy to a customer, also received a handsome reward in the shape of commission.

If you knew that in every monthly premium you paid, a large share was being paid to the bank, would you have queried the cost of the policy?

You probably would have done and along with thousands of other customers, you are now attempting to claim every penny of your money back.

But, let's take a look at the figures so far.

  • October 2018 - this is the latest month that is listed on the Financial Conduct Authority (FCA) website. During this month, 23 banks and lenders in the UK who make up 95% of PPI sales reimbursed their customers to the tune of£353.4 million.
  • The total so far (January 2011 to October 2018) - stands at a whopping£33.3 billionand will keep on rising and rising until the PPI deadline of August 2019 rolls around.

Who would have thought, that PPI compensation would reach millions and billions of pounds? Isn't it time you claimed your share?

How to claim your share of PPI compensation

Step 1 - Find evidence of PPI

Examine every account on which your borrowed money, from credit cards to loans, to car finance to store cards. PPI may be listed as a separate payment or it may be included in the monthly premium you paid. Look hard and look again!

Step 2 - Call Payment Protection Scotland

Call for a no obligation chat with a member of our expert team. They will give you more detailed information about the PPI compensation claiming process and how we can help you.

If you decide to go ahead with your claim through us, we will perform a quick, but thorough assessment on your claim, making sure we have all the information we need to go ahead and claim your money back.

You will also need to sign a few forms, giving us permission to act on your behalf.

Step 3 - Leave us to do all the hard work

We write a letter of complaint to your bank or lender, detailing your claim and why you are entitled to your money back. We also check any offers of PPI compensation against our figures and what the bank offers you.

Don't forget, you could have more than one PPI compensation claim as PPI was added to many, many accounts!

Step 4 - Enjoy your PPI windfall!

But do so before August 2019 or you won't see a penny!


Making a PPI Compensation Claim – Do You Need Our Help?

If you think you may be entitled to PPI compensation, you are in good company because there are thousands of people just like you! The PPI deadline 2019 is fast approaching and so to time to think has passed, and the time for action has arrived.


 If you are yet to claim PPI compensation, we can help. And here's how;

#1 We Help You Find Proof

Before you can make a claim for compensation for mis-sold payment protection insurance (PPI), you need to be confident you have a policy or policies in the first place.

This means some detective work;

I. Firstly, find any documents or statements that relate to your loan, credit card, car finance, mortgage, store cards, catalogues etc. - it may say on these statements that you have PPI or be in the small print of the deal that you signed.

II. If you can't find these statements, don't worry - all you need to do is contact your bank or lender. They will tell you if you have PPI and on what accounts.

III. If you don't get anywhere with your bank or lender, credit reference agencies like Experian may have details on file. You may need to pay for this service.

Still not sure? Contact us as we can help find the information that you need.

#2 We Help You Understand Why PPI Was Mis-sold

Once you have it confirmed you have a PPI policy (or more!), you know need to tell the bank and/or lender why you believe it was mis-sold to you.

There are all kinds of reasons why PPI may have been mis-sold:

  • You were told you had to buy it or were given the impression you had to
  • It did not cover you due to existing medical conditions and so you, but you were not told this
  • You were given the impression that to buy PPI stood your application in a better light, and was more likely to be successful
  • You don't remember talking about PPI, nor agreeing to it

There are other reasons too and when you call us, we can go through all the mis-selling reasons we have come across in our many years of helping people to claim PPI compensation.

#3 We Submit Your Claim to Your Lender(s) or Bank(s)…

… but our service to you doesn't stop there. We pursue your claim with your lender or bank, ensuring they deal with it in a timely manner. We can look at any 'offer' or PPI compensation settlement they offer you to make sure that you are getting all your money back.

Interested? Contact us to find out more NOW!

Do You Know How Much PPI Compensation Could Be Due To You?

In all the information circulating about payment protection insurance (PPI), there is not much on how much compensation people could actually be claiming back. In this article, we look at what is taken into account, the 'official' process of what compensating someone actually is and where the average payment figure comes from.


£2,750 - is this the magic figure?

When the PPI mis-selling scandal broke into the mainstream news, there were all manner of experts and people who professed to know the depth and scale of the problem was.

The truth is, the scale of the problem did not become apparent for some time. When it did, it was shocking.

In essence, the figure of the average compensation for mis-sold PPI of £2,750 is obtained when the value of the policies sold is divided by the number of customers who bought a policy, giving a compensation guide figure of £2,750.

However, in many cases the actual compensating people received was far less and in other cases, far more.

What factors influence the compensation amount paid?

There are many influencing factors including:

  • The length of time you have been paying premiums on a PPI policy- the longer you have had the policy, the more you will have paid, the more you will be entitled back.
  • The number of PPI policies you have- PPI was applied to credit cards, bank loans, in some cases mortgages and so on and thus, it may be possible you were paying into more than one policy at a time. Again, this will increase the compensation you could receive.
  • The level of premium varies too- some policies were paid for in one lump sum, others with a premium every month. In some cases, the premium was calculated as a percentage of the amount left owing. This was common for credit card accounts thus your PPI compensation could be significant.
  • Fees and costs- in some cases, customers were also charged arrangement fees or faced costs when their account was in arrears, sometimes as a direct result of having PPI added to them. These should also be reimbursed.
  • Commission- the FCA decided in 2017 after a recent court case that if you paid commission which was more than half the cost of the loan and you were not told about it, you can claim this figure back too.

What's the official line on compensation payments?

There is a phrase that is used when someone is receiving compensation as a result of a financial product being mis-sold to them. The same is true when it comes to PPI compensation. It says that customers should be put back to the financial position they would have been in had the policy or product not been sold to them.

In other words, you should be no worse off!

Do you have a claim for PPI compensation? Why not find out today by calling Payment Protection Scotland?

What Can You Spend Your PPI Compensation On?

Of all the questions we are asked about claiming for mis-sold payment protection insurance (PPI), this is the one that gives us the most joy to answer.


In the main, you can spend your PPI compensation in a way that you see fit but, many people have all kinds of questions about the windfall that they receive, more so when the amount they claim back is substantial.

I am in debt. What should I do with my PPI windfall?

This is a good question, the answer to which should be explored with an independent financial advisor. Every person's situation is different and thus, this is only a summary of what you could do and is not meant as advice on your debt issue.

If you have an Individual Voluntary Agreement(IVA) or in a type of sequestration agreement, you may find that your PPI compensation will be seen as a windfall. In law, this means that it must be used to pay off creditors and agreements etc. Failing to do so could land you in trouble which is why we always strongly advise seeing a debt expert.

If your account is in arrears and there is no formal or legal arrangement as above, it helps your credit score to pay off these arrears, and bring any accounts back up to date. It also true to say that if you can afford to pay off the debt, this places you in a strong negotiation figure. Ask the bank or lender for a settlement figure, as this could be less than what you owe.

Can I spend it on anything?

Yes you can, but there has been some research about how people do spend their PPI windfall and the results are interesting:

  • The vast majority of people bought a brand new car. This in itself has proved a valuable boost to the care sales within the UK and thus, has had a positive knock-on effect on the economy.
  • The second largest spending category of PPI compensation was onhousehold goods such as freezers and so on, for the home. Again, this has proved a valuable boost to the economy.
  • Thirdly, people enjoyed a well-earned break, taking a holidayto foreign climes.
  • Many people chose to save their windfall, and some spent it on food, as well as buying clothes and shoes for the family.

Can Payment Protection Scotland help me claim money back?

We could if you have an eligible claim for compensation. Why not call now to find out more?

Unsure About HOW to Claim PPI Compensation?

We have all the information that you need! Browse through our list of what to do (and what to avoid) in order to claim your money back…


DO check out how your bank or lender is accepting PPI claims

Banks and lenders have been told by the banking regulator to make claiming PPI as easy and as simple as possible. This means making PPI compensation claim forms and information on how to make a claim readily available.

Most banks and lenders have these on their website. In most cases, you don't need to phone them and with some lenders, you can log your claim online too.

DO turn to the right people for help

The internet is a wonderful place BUT, it can be full of misinformation and wrong turns. This is why if you are unsure of any aspect of advice or help, you turn to the right people.

Claim management companies are, in the main, professional, expert and reputable companies who specialise in all kinds of compensation claims. Choose one that has a long and successful track record with PPI claims, like PPI Scotland.

DO make a claim for PPI compensation before the 2019 deadline

If you think you have been mis-sold PPI, don't let the bank get away with it! Make your claim. You could be entitled to thousands of pounds in premiums, interests and any costs or fees incurred on your account as a result of PPI being added to it. And with the deadline only months away, you need to start your claim now.

DON'T let the banks get away with it

Banks and lenders knew that PPI was not a policy that was suitable for the large majority of customers to whom they sold it. For example, banks knew when people were self-employed but this didn't stop them selling a policy that was not really suitable for self-employed people.

DO claim, even if you agreed to PPI

Many people assume that because they agreed to PPI, they don't really have a claim. The point is, that many banks and lenders didn't give you the full facts about the policy and so what you agreed to, is not the policy that you were paying for.

For example, if you knew that the policy did not cover your existing medical condition, would you have still bought it? The likely answer is no, as the one thing that could stop you from working and therefore making repayments on your loan, would not have been covered by the policy.

DO call Payment Protection Scotland

We have a long, successful history of helping people claim their money back. From a few hundred pounds to thousands of pounds, there is probably PPI compensation with your name on it!

9 Things You Need To Know When Making A Claim For PPI Compensation

#1 You need to be sure you have PPI on the account

Look for an insurance policy that promises to make repayments on the loan etc. if you are unable to do so. It may go on to say that this could be because you are unable to work due to ill-health or losing your job.


#2 It might not be called PPI

Payment protection insurance or PPI is a generic name. Sometimes, banks and lenders renamed it by branding it so it was part of their products. Look for an insurance product that promises benefits as listed in the first point - if it says this, it is PPI.

#3 Check with your bank or lender how claims are to be made

You can make a claim for PPI compensation yourself. If you decide to do this, check with the bank or lender what the process of claiming your money back actually is. You can find this out by checking their website or giving them a call. It may be that you complete and submit a form.

#4 Some companies offer no win, no fee services

PPI Scotland is a reputable claim management company who offer their services on a no win, no fee basis. This means they can make a claim on your behalf and you only pay them if they are successful.

#5 A really good claim management company will not hide their fees

Like other professions, the claim management profession has mainly great companies operating but there are some who offer a poor service in exchange for very expensive fees. If the company are not too clear or very forthcoming on how much they charge for their services, leave well alone.

#6 You could claim commission back even if PPI was not mis-sold to you

If you paid more than 50% of the cost of the loan in PPI and were not aware, you could claim this money back even if the PPI policy was not mis-sold. This could affect thousands customers.

#7 Check all accounts… and check them again

From personal and unsecured loans to mortgages and credit cards, as well as store cards, you will be amazed where PPI lurks. You will also be amazed that you have PPI as you may not knowingly have bought it.

#8 You are part of a large group of customers yet to make a claim for PPI compensation

Although the compensation bill stands at £24 billion, and banks are saying that they won't need to add more money to their compensation pots, over half of the customers who have a PPI claim are yet to do so. Are you one of them?

#9 You must claim before the PPI deadline August 2019

Time is ticking. What are you waiting for? Contact the team at Payment Protection Scotland today.