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Archive for tag: PPI Compensation

Why are PPI Compensation Awards Different from One Person to Another?

We have all read the headlines and marvelled at some of the large payment protection insurance (PPI) compensation settlements customers have received. But, just why are some of these compensation settlements so high when compared to the average pay out of £2,750?

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PPI & Credit Cards

Many of the larger PPI compensation pay outs are around PPI policies on credit cards. There are several factors why PPI compensation can reach such large proportions:

TIME - many of the customers who have received five-figure sums in PPI compensation had their credit card over along period of time and therefore, could have been paying out hundreds of pounds each year for the PPI policy.

NUMBER of credit cards - one customer who received a large pay out of over £65,000 hadmore than one credit card and had also had these for a long period of time. These two factors combined meant that the compensation due soon totalled a large amount.

INTEREST - what does significantly boost PPI compensation is the application of interest and how the premium each month was calculated. PPI premiums varied on credit cards as the amount a customer paid in PPI premiums each month depended on the outstanding balance. Hence, if you were up to the card limit and only paid the minimum each month, your monthly premium would be higher than if you paid it off. In this way, one businesswoman with two cards over many years which were often at their limit received over £82,000 in compensation.

Why do credit card providers have such a large slice of the PPI compensation market?

Applications for credit cards were easy forms to fill in back in the economic heyday of the 1980s and 1990s, more so with the advent of easy credit with online applications. Many applicants will not have noticed a small box at the end of the very small print that informed the customer PPI was available on their account.

Our Terms of Services - Clear, Transparent and Easy to Understand

Payment Protection Scotland's 'small print' is not small or hidden. We offer a fully transparent service and our terms and conditions are available on our website. Our friendly customer service advisers will be more than happy to talk through the no win, no fee terms of service we offer.

We are a claims management company that specialises in making PPI claims on behalf of customers. We will assess your case and suggest the best way forward.

Contact us today for further information.

How to Claim PPI Compensation Before the Deadline

Even though PPI compensation has been around for years, it is about to end. The PPI deadline is only a few weeks away and that means people could miss out if they don't know how to claim PPI compensation.

We recap on what PPI is and how to go about claiming PPI compensation before the August 2019 deadline.

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What is PPI?

PPI a specific type of insurance product that was sold alongside credit agreements, such as personal loans, credit cards, hire purchase agreements, car finance, catalogue accounts, store cards and many other kinds of credit.

It was originally designed to protect you, the policyholder, in the event that you were unable to make your monthly repayments on the loan. But, concerns were raised about how it was being sold and to whom, as well as its cost.

Why has the mis-selling saga lasted so long?

This is to do with the number of policies sold and the number of people duped into buying the policy by their bank or lender.

It is also because many people were mis-sold more than one PPI policy. Another reason is that the banks and lenders dragged their feet at the start of the process, hoping that the problem would disappear.

For many of the customers involved, they don't realise they have a claim for compensation, as they didn't realise they had been 'sold' it in the first place.

It didn't. 34 million PPI policies were thought to have been sold in the UK, affecting millions of customers.

The mis-selling problem

The way in which the PPI policy was presented to you at the time it was sold may be an indication of whether you were mis-sold it or not.

In some cases, the debate as to whether you were mis-sold the product or not can be complex. Thus, it is important that if you are unsure, you seek advice.

However, in the main, many customers were…

  • Told the purchase of the PPI policy was compulsory - it is NOT
  • NOT told the limitations, terms, conditions and exclusions of the policy - there were many and that means you probably weren't covered
  • NOT told of their eligibility to claim via this policy - in other words, many people were unable to claim on the policy as they simply were not eligible. Would you have bought it, knowing this?

But perhaps the worst-case scenario was when some customers, clearly making an emotive decision to borrow money were told that they were more likely to be accepted for finance if they took out the policy.

Claim YOUR money back

Don't let the bank get away with it!

Make sure that you check all the paperwork NOW for signs of PPI - should it be on there? Does it cover you for repayments on the loan etc.? Are you eligible to claim?

Why not let Payment Protection Scotland help you claim your money back?

Can I Claim PPI Compensation…?

… if I cannot find any paperwork or details relating to a PPI policy on my accounts?

In essence, you would need to confirm one way or another with your bank or lender that you had a PPI policy on your account.

Question -mark

Banks and lenders are now more willing to share this information, although they can still be difficult. They must respond to you in a timely manner. If your account is many years old, they may charge a fee to search their 'archives'. If you think this is unfair or excessive, you can complain to them. They may waive the fee but if not, you can always ask the Financial Ombudsman to look into the issue for you.

If you don't have any luck with the bank, you may be able to find this information with one of the many credit reference agencies. There may be a fee for this.

... if I am in arrears with the bank or have a poor credit rating?

Some critics of the banks say that the unfair way that they have treated people by selling them an overly-expensive policy has led to many people falling into arrears with their accounts. Some customers found that once PPI was added to their loan or credit card, for example, the repayments were far higher than what they thought they would be.

You can claim PPI compensation if you are in arrears and will not adversely affect your credit rating. The bank must pay you the money although they will suggest you pay off the arrears.

… if I don't know why it was mis-sold to me?

There are many reasons why PPI was mis-sold. For example;

  • It was added to your account after you have bought the loan or credit card
  • It was not sufficiently explained to you, such as the exclusions under the policy and so on
  • You were self-employed, retired, unemployed, working a zero contract, working a temporary job or worked part-time at the time PPI was sold to you - the policy would not have covered you
  • You just assumed it was part of the package

Our team can help you with your claim as there are many other reasons why PPI policies were mis-sold to people.

… if me and my spouse are no longer together but the loan was in joint names?

Many couples are claiming compensation for mis-sold PPI and are doing so after their relationship has ended. In the case of PPI, it was not only debt specific but also linked to one person although you probably weren't told that when you took out the loan and the insurance policy.

But if you both contributed to the monthly premiums, you are technically both due money back. Our team at Payment Protection Scotland can help you with joint claims but both parties would normally need to agree to the claim. There are exceptional cases where one spouse can make a claim without the other.

What’s the Current Situation for PPI Compensation?

Everything you need to know about making a claim for mis-sold payment protection insurance in one easy-to-follow guide.

Current

At Payment Protection Scotland, we want to make sure that ALL our customers get the right information. Over time, things have changed which is why we want you to have all the latest information about making a claim for PPI compensation.

There is still time BUT THERE ARE MONTHS LEFT TO MAKE A CLAIM FOR PPI COMPENSATION

There has been a lot of talk in the media and across social media channels about time running out on making PPI compensation claims.

Most of these claims refer to a blanket PPI deadline who has been set for 29th August 2019, only a few months away.

There are other deadline too, such as the length of time the account has been active, as well as those imposed when banks wrote to customers inviting them to make a claim. Don't let a deadline spoil your PPI windfall - act TODAY!

There is an active promotional campaign

As part of this deadline, the Financial Conduct Authority said there would be a nationwide and far reaching campaign to promote PPI compensation claims.

This is because many people don't realise that they are eligible to make a claim and that the compensation they could receive could be worth thousands of pounds - money that the bank took in payment for a policy that was of little or no use to them.

The Financial Ombudsman Service are still snowed under with PPI complaints

The Ombudsman deals with disputes between customers and financial companies relating to all kinds of financial products. This includes PPI complaints.

  1. You will need to approach your bank or lender first, for compensation.
  2. If the bank say no, you can ask the Ombudsman to make the final decision.

They release regular updates on how they are dealing with PPI complaints and the number of cases they resolve, as well as receive in a month.

The figures paint an interesting picture. After seven years of PPI compensation, the Ombudsman are still having thousands of cases referred to them each month.

And, they are still finding in favour of the customer in the clear majority of cases.

Payment Protection Scotland are still taking cases

With the deadline in place, the PPI compensation debacle is finally shutting downbut there are still several months until the deadline date. It is not too late to complain about mis-sold PPI.

But you must lodge your compliant quickly. Make a decision to call Payment Protection Scotland today to talk to us about our amazing PPI compensation claiming service.

Call our team today and benefit from the latest expert advice on PPI compensation claims.

How We Help You to Make a Successful PPI Compensation Claim

We have been a leader in the field of PPI compensation claims since customers first started to claim their money back in 2011. With the PPI deadline if August 2019 mere months away we thought we would take a look back - and forward to the next few months - to tell you how we work with you to make successful PP compensation claims.

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With one of the highest success rates, this is how we do it:

1. We don't promise what we can't deliver

It really is that simple.

We don't promise PPI compensation, neither do we guarantee it. What we do guarantee is a faultless service backed by a thorough assessment of your claim.

2. We do assess each case on its own merits

Every claim for PPI compensation is different. Some are complex, others straightforward. Some customers have many PPI compensation claims, others just the one claim with one bank for their money back.

This is why we assess each claim on its own merits because no two claims are the same.

3. We don't ask for money upfront

You should avoid any company who asks for you to make 'payment on account' etc. This means they are not confident in either their abilities to make successful claims or that your case for PPI compensation is weak but they continue with it anyway.

4. We do stay in touch (and ask you to do the same)

Communication is key when it comes to tracking your case. There are also times when we need answers to questions and, the sooner we get these, the sooner we can continue with your case.

We can communicate with you in a variety of ways - phone calls, texts, email and letter - and we ask that as our customer you do the same. For example, the bank or lender may write to you and we ask that you send us a copy of this letter so we can action it etc.

5. We don't just take on 'easy' cases

Some cases are simple and straightforward, the entitlement to compensation for mis-sold PPI obvious for all to see.

But there are cases that are more complex, that take more time and effort to resolve. We don't back away from these cases as other companies do. We will take on any eligible claim for PPI compensation.

6. We do offer the best service around… every time

There is no obligation to continue with your claim. You may call us, have a good chat but decide that our service isn't for you. And that's OK!

We also offer our services on a no win, no fee basis and that means no money upfront, you get your compensation and you then receive an invoice for our services. But, because we have a transparent fee charge, you know how much you will owe us.

Our service is simple, yet powerful - call us today!

Would You Know What to Do If Your PPI Compensation Claim Becomes a Complex Case?

Claiming compensation after being mis-sold PPI can, most of the time, be a straightforward process.

You tell the bank why you believe it was mis-sold to you, the bank considers your case and if they agree that PPI was mis-sold, they will compensate you accordingly.

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In other cases, the arguments for and against mis-selling are more complex. This may mean a longer resolution time and more effort to resolve the case.

And this is why in some cases, having a company like Payment Protection Scotland on your side is a worthwhile move on your part.

Would you know what to do in the following circumstances?

The bank said you didn't have a claim because you don't have PPI

Not so common these days but a few years ago when the PPI compensation flood gates were opened, banks tried to save face and profits by telling people that they either didn't have PPI, they didn't know if they had sold PPI to customers or not or that they had PPI but were not due compensation.

You can check in other ways if PPI was added to or was part of a financial product. Call our team and they will tell you how.

The lender said you are not entitled to your money back because PPI was a suitable product and was not mis-sold

In a small minority of rare cases, PPI was a suitable product but suitability and mis-selling are two different things.

It may have been suitable but you were told that shopping around for a better product at a cheaper price was not an option - this is mis-selling.

In most cases PPI was NOT suitable mainly because the terms and conditions of the policy were not adequately explained. And it was mis-sold too.

You were sent a letter by a financial company you have never heard of inviting you to make a claim for mis-sold PPI

This is a sensitive one. Some companies do contact people and lead them into thinking that they have a claim for PPI compensation. When people contact them, this is not the case. Marketing tactics such as these are suspect.

BUT, some financial companies and their products are sold to other companies. Quite often, as customers, we are not aware of the name of the bigger parent financial company and so it can look a bit suspect when we receive a letter saying we are entitled to compensation and to make a claim.

Contact the team at Payment Protection Scotland to check the validity of the company name and for more ideas on how to proceed with your PPI compensation claim.

Is it Too Late for PPI Compensation Claims?

*No, but the deadline isn't far off!

There are many questions our team are asked about PPI compensation claims. Time seems to be a common issue and for some people, it may be what stops them from making a claim for PPI compensation.

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But as we are about to show you, it is never too late to launch a claim for your money back (but, there is something on the horizon that will affect your claim if you fall foul of it).

My loan was years ago. Surely, I don't have a claim for PPI compensation?PPI was mis-sold to millions of customers, a total PPI fund of billions of pounds - and your money is a slice of that.

It was mis-sold to customers from as early as the 1990s with concerns raised about how it was being sold from the mid-1990s. It took until 2011 for people to start getting their money back.

To claim your money back, you need to show that you have or had PPI, as well as tell the bank why you think it was mis-sold to you.

But PPI claims take far too long to resolve - I just don't have time to make a claim! With Payment Protection Scotland on your case, you don't have to worry about finding time to make a claim or chase it with your bank because we do all that for you.

We also make sure that any settlement you are offered is for the correct amount.

Unless your claim is refuted or overly complex, PPI claims must be resolved within 8 weeks of your submitting your claim. That means you could be enjoying a pleasant windfall in the next two months or so.

I can't remember why or how PPI was mis-sold to me. That means my PPI compensation claim is scuppered before it starts!

No, it doesn't! We can work through why you were mis-sold the PPI policy and one of them is that you can't remember why you bought it. This suggests that is was foisted on you or that you were told it was part of the overall package when you bought the loan etc.

Any insurance product you purchase should be fully explained to you. Also, at the time you bought the loan, you didn't have to buy any other product and should have been given the opportunity to check out other PPI policies from other providers.

PPI was also expensive and offered very few people the cover that they thought they had.

And this is why time should never be a barrier to making a claim for PPI compensation. BUT, there is PPI 2019 deadline. If you were mis-sold PPI before the summer of 2017 and plan on making a claim, you must lodge your complaint before 29th August. After this, you won't be able to claim your money back…

… that's why you need to call Payment Protection Scotland today!

Do You Have a Valid PPI Compensation Claim?

If you are in the processes of claiming your money back, you need to tell the bank why you believe you were mis-sold the PPI policy in the first place. There are some common reasons why PPI could have been mis-sold to you but there are also some lesser known ones too. In this list, we look at some of the reasons given why PPI was mis-sold to some of our customers.

Validation

The customer already had a suitable insurance policy in place

We are dealing with many cases in which customers are claiming their money back because they already had a suitable policy or benefit in place that meant PPI was a duplication.

There have been cases in which customers were told they had to buy insurance - this is not a mis-selling reason in itself - but when the bank says that it must be their PPI, then this constitutes mis-selling.

PPI was expensive and offered a poor level of cover. By shopping around, a customer would have no doubt come across a better policy, with better cover and at a lower monthly or annual premium. But the banks didn't want this hence, if they told you your insurance cover was not good enough nor acceptable, you may have a claim for PPI compensation.

You may need to prove you had an insurance policy in place that covered your debt or income in the event you lost your job etc. We can help with this too.

If you were:

  • unemployed
  • OR working less than 16 hours a week
  • OR retired
  • OR employed on a temporary basis
  • OR working a temporary contract
  • OR you were retired when PPI was sold to you, you have a valid claim for compensation

The terms and conditions under the PPI were strict and stringent - the customer had to be working full time on a permanent basis - and did not include any of the situations covered above.

This means if you tick at least one of theseat the time the PPI policy was sold to you, you have a valid claim for PPI compensation.

Pre-acceptance for a PPI policy

This is where the box for opting in for PPI was already ticked. In other words, there was no opportunity to discuss the pros and cons of the policy, whether it was suitable for you or not.

In most cases, this opt-in box was at the bottom of a very long set of terms and conditions, and wasn't very noticeable to the customer.  

At Payment Protection Scotland, we can help you make a claim for PPI compensation. Call our friendly team today!

 

Claiming PPI Compensation – Is it Lot of Effort for a Small Reward?

Jenny decided to apply for PPI compensation after she saw it was on her credit card account. She had to fill in form after form, as well as talk to various people at the bank. After all that, she got £84 back.

Claimform

Is it really worth all the hassle to claim PPI compensation for such a small amount?

There are many things that put people off making a compensation claim for mis-sold payment protection insurance. One reason is the perceived 'hassle' of making a claim.

They read stories online or in newspaper that talk of customers filling in many forms, talking to bank representatives and even taking their case to the Financial Ombudsman Service only to find that when compensation is awarded, it was a lot less than they thought.

There are many factors that contribute to the total amount you receive back but irrespective of whether it is a few pounds or thousands of pounds you are due in compensation, making a claim is important because…

… It Is YOUR Money!

Let's consider the case of someone robbing someone else of cash in their purse. You are sat in a café when someone reaches forward, takes your purse or wallet and takes cash out of it. How would you feel?

Would it feel just as bad if they took £10 or £1,000? Now consider if the person doing it was known to you. And they knew that you didn't have a lot of money or that you struggle from month to month at the moment. How does it feel now?

This is how banks and lenders acted toward their customers. On one hand, your bank professed to know you and have your best interests at heart and yet, they sold you a policy that they knew you wouldn't be able to make a claim on.

Now, how you do you feel? Does it matter if it is £50 or £50,000?

… It is a Form of Mass Protest!

Not all of us are political animals but by joining in the PPI compensation 'movement', you along with thousands of other customers are taking a stand against the banks and lenders.

For too long, the banks got away with behaviour that was unsavoury and broke fair competition and selling rules. They carried on selling PPI not for a few months to a few people but over years and years to millions of people.

So far, the banks have paid out £33 billion in PPI compensation and the figure will continue to rise. It doesn't matterhow muchyou are due back in PPI compensation but the fact ofmaking a claimis more important.

Take a stand - call Payment Protection Scotland today!

10 Things You Need to Know About Making a PPI Compensation Claim

We've rounded up the ten top facts from our work as a claim management company specialising in PPI compensation claims. And this is what we found…

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1. You can still claim even if you have lost the paperwork

It may seem like an inconvenience but if you know which company or bank your loan, credit card, store card and so on, you can ask them for a copy of the paperwork. They may charge a fee.

2. If the firm has gone bust/or been bought by another bank or financial company, you can still make a claim

If the lender or financial company was regulated by the FCA, you can make a PPI claim through the Financial Services Compensation Scheme (FSCS). This acts as insurance for covering the liabilities of finance companies.

3. You can take further steps if the bank rejects your claim

If the bank rejects your claim and you are unhappy with this decision, you can refer your case to the Financial Ombudsman Service. You should do this within 6 months of the bank refusing your claim.

4. PPI claims do not affect your credit rating

For many people, a poor credit rating stops them doing many things financially but claiming PPI compensation is not one of them. And it won't make your credit rating any worse but it could improve it.

5. You can make a claim for PPI on a loan that has been paid off in full

Providing the last payment was within the last 6 years, you can make a claim for PPI compensation on the loan.

6. It may be possible to make a claim on a loan with or without your ex-partner's permission

Some banks and lenders will allow you to make a claim on your own but in other cases, you will need to make a claim together.

7. PPI compensation settlements are tax-free

Compensation is you getting your money back and thus, in most cases, you don't need to pay tax on it. However, everyone's tax position varies so always check with your tax adviser, if you have one, or your accountant.

8. If you were self-employed and sold PPI, you are entitled to claim

The terms and conditions relating to PPI and self-employed status make it a product you would unlikely to have bought if you had known about them. Thus, you have a claim.

9. PPI was often sold as 'compulsory'

But it wasn't. In fact, you don't have to buy any other product from the bank or lender when taking out a loan. They may insist you have insurance but you can shop around and get the right product at a price that suits you.

10.The PPI deadline is only a few months away

If you want to claim PPI compensation on a policy that was sold to you before the summer of 2017, you must lodge your complaint by midnight on August 29th 2019 or risk losing out.

We can help you make a claim for PPI compensation. Find out in one phone call - call Payment Protection Scotland today.