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Archive for tag: PPI Compensation Claim

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.

Help

 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!

Time IS Running For for PPI Compensation Claims

As we basked in the summer of 2018, there is a dark cloud looming on the horizon. The rumours were rife for a long time and the banks were supportive of the move but, it has pros and cons for the customer.

Time

What are we talking about? The PPI compensation deadline August 2019.

Time is out for PPI compensation claims. There are now 12 months left to make a claim. Make your claim or face missing out.

What is PPI?

Banks have set aside more than billions in compensation so far making the mis-sale of PPI the biggest scandal to have rocked the financial industry in the UK.

People were sold policies that they either did not want or could not have claimed on.

Typically, the PPI policy was sold alongside another financial product such as personal loans, overdrafts, credit cards, stores cards, car finance and so on. The idea was that the policy would make repayments on your debt should you fall ill, and your income was affected.

The worst offender in this mis-selling debacle is Lloyds Banking Group who has set aside another yet more money to make forthcoming compensation payments.

What was highlighted as part of the compensation deadline debate was another issue and one that PPI Scotland have been saying for a long time - there is a whole group of people out there who think they are not entitled to claim PPI but are!

Do you have a valid claim?

If you don't have the paperwork, call the original bank or lender who made the loan and ask them for copies of all paperwork relating to your loan or credit card etc. They must keep paper copies for six years but, they may have digital copies that date back further than this.

You can make a claim on any account on which you had PPI and there is no time limit on these accounts.

However, it may be more difficult in some cases to claim compensation on an account that is very old but, the banks and lenders are realising that the industry has suffered badly as a result of this scandal. As a result, they are compensating in most cases, quickly and fairly.

Do you have a claim?

Make it now before any deadline is announced! If you had a loan, credit card or any other kind of credit product in the last decade or more, the likelihood is you were sold PPI too - claim your money back with Payment Protection Scotland.

Your PPI Compensation Claim Guide

Claiming compensation is not something many people have done before and so it is no surprise that people turn to professionals for help. Here at Payment Protection Scotland we understand this, which is why we have created this concise guide to everything you need to know about the process…

Guide

Why are some people claiming compensation?

In the case of payment protection insurance (PPI), the product was mis-sold in many ways and this is the basis for claiming compensation. In a nutshell, the policy was not right for people and their circumstances and, even though the bank or company knew this, they still sold it to their customers.

How would I know if I have a claim?

There are many reasons why PPI was mis-sold to customers and these reasons will vary from case to case. Before you think that these reasons don't apply to you, it is always worth investigating further by giving us a call.

Common mis-selling reasons are (this is not an exhaustive list, contact us for more info);

  • You were not told that PPI was added to your account- and this in itself makes it difficult for people to understand that they have PPI and that it was mis-sold to them (*see next question!)
  • You were not told that there were medical conditionsthat were excluded and also not covered by the policy
  • You already had a PPI typepolicythat covered your income but were told that this was not sufficient
  • You were given the impression or told that thepurchase of the policy was compulsory

There are other, more complex reasons too so don't assume that you don't have a claim for compensation if you feel that your cases does not 'fit' with the above reasons.

How do I know I have PPI?

There are customers across the UK who WERE mis-sold PPI but, because it was added after they bought the original product - that is, a loan, or opened a store 'credit' account, credit card, catalogue accounts etc. - may not realise that they have PPI.

In some cases, the monthly premium is also not an obvious or separate payment. It may be included in the monthly amount you pay off your loan and you will only find the calculation in the fine small print, probably towards the end of some very long, small text.

Checking statements and paperwork for ALL accounts is essential, as you may be surprised to find that lurking in the background is a policy that you did not ask for, nor covers your circumstances.

Can Payment Protection Scotland help?

We have helped hundreds of people, from all walks of life, to make successful claims for PPI compensation. When you call us, you are under no obligation to continue with a claim. Call us and have a conversation about your claim. 

PPI Compensation Claim - Can I get my money back if…?

The clearest chance of making a successful claim for PPI compensation is by proving they were mis-sold this policy on their loan, credit card or mortgage.

MoneyBack

It is possible to claim your money back if, at the time you were sold PPI you were…

  • NOT economically active(i.e. employed) - whether you were unemployed, self-employed or retired - it would be next to impossible for you to have made a claim on the policy if you had attempted to.
  • Suffering from apre-existing medical complaint which may have prevented you from working at some point in the future. This condition of the policy should be made abundantly clear to you but in most cases, it was not. Would you have bought it if you had known?
  • Sold a single premium policy. Although we think most of these cases have now been dealt with, it may be that there are still claims from customers were paid for their policy in a 'lump' sum, resulting in them paying interest on it over the course of their loan.
  • Not made aware of the entire cost of PPI including the commission paid to any broker involved in the sale. Since the success of the Plevin case, the Financial Conduct Authority has ruled that if commission was greater than 50% of the cost of the loan and the customer was not made aware, this constitutes mis-selling and they are entitled to their money back. The average commission on the sale of PPI is 67% of the cost of the policy.
  • Wrongly given the impression or told PPI was compulsory which is was not. You don't have to buy anything else other than the loan itself.
  • Not told of the PPI terms and conditions fully. For example, many customers did not have the cancellation terms explained to them or that significant exclusions applied (such as back pain or stress).
  • Not told that mostPPI policies had an upper age limit, usually 65 or 70 years of age. If you were older than the upper exclusion age, you have an eligible PPI compensation claim.
  • Not told that PPI cover would run out before the end of the loan, leaving you 'not covered' by the PPI policy. If this was not explained to you, then you are entitled to claim.
  • Unaware of. If, after examining your loan documents and statements etc., you find you have PPI that you didn't know you had, then you can make a claim. It should not have been added to your account without your permission.

We can help you not only make a claim but examine your case so that you know your chances of success before you start. But claim before the August 2019 PPI deadline!

The Rise of PPI Compensation Claims

And they are not stopping any time soon!

We have all heard about payment protection insurance - commonly abbreviated to PPI - and the fact that it was an insurance policy that was mis-sold to thousands of people across Britain. The scale of the mis-selling has caught everybody by surprise but, how did it all start?

Rise

It started in the 1990s

Consumer organisations started to raise concerns and questions over the how and why PPI was being sold to customers.

As part of this pressure, the financial regulatory authorities started to look in to how banks were selling this product to people too but, these reviews and investigations took time, years in fact.

It was also raised in Parliament about the expensive product and why it was being sold alongside loans and credit cards and so on. Banks said the law was grey in this area, but others said the law was clear: customers did NOT have to buy anything other product alongside a loan etc.

By the end of the 1990s, not much had happened about PPI. It wasn't until a decade later - in 2007 to be precise - that complaints started regarding PPI, but the numbers were relatively small. It was not until 2010, that the whole mis-selling scandal began to take full effect.

Banks Fighting Back

By 2011, the number of complaints regarding the mis-selling of PPI had reached 1 million but there were two factors that really made the PPI scandal famous all across the UK at this point that combined to create a PPI snowball effect…

I. There was a judicial review in January 2011 brought by the banks that challenged the ruling the PPI premiums should be paid back. The banks lost.

II. This put the PPI mis-selling scandal firmly on the agenda of the nation press and, before the banks knew it, the whole thing was spread across the front pages.

The resulting publicity meant that the 1 million complaints made by the start of 2011 soon mushroomed to over 6 million in 2012.

The number of complaints has continued to ride high, with small fluctuations linked to publicity surrounding PPI and how to make complaints, in order that people can claim their money back - and ALL of their money back, not what the bank thinks it should pay you!

How much could you claim?

Many people often ask this question and of course, until we know the full details of your case we are unable to answer this in full or with certainty but, breaking it down to what has happened thus far…

  • 1 in 11 customers received over £5,000 in PPI compensation
  • 1 in 38 received over £10,000
  • 1 in 99 customers received £15,00 or more
  • 1 in 239 customers received a whopping £20,000 or more

How much could you claim?

Make 2018 the year you claim back your money. But get your skates on because there is a PPI deadline looming…

60% Yet to Make a PPI Compensation Claim

Are YOU one of them?

Everyone has heard of it. Billions of policies were sold to millions of customers. Claiming PPI compensation is relatively 'simple' so why are the majority of people yet to make a claim?

Crowd

Are people unaware they had/have PPI on their credit cards, catalogue accounts, loans and so on?

PPI was mis-sold to customers in many different ways including the policy being added without the account holders consent or knowledge.

In other words, many customers will be unaware that they should be looking for PPI on their accounts, let along making a claim.

Do people assume that the PPI crisis is about everybody else, but not them?

There is also a danger with something as big as the PPI mis-selling scandal that people will assume that it is too good to be true. Add to this the good news stories in the media and across the internet of people claiming back tens of thousands of pounds for all the ingredients to create a situation that feels too good, and too remote.

In other words, customers assume that it is 'too good to be true' and therefore, doesn't affect them because, these things never do.

Did they try to make a claim, only to be told 'no'?

In the very early days of compensation, banks often made derisory offers to customers in terms of compensation and some were told that they did not have a claim. There may also have been instances in which some people were also unable to find out from their bank or lender if they had PPI. Banks were not always keen to give this important information away, but attitudes have changed.

In other words, customers who attempted to claim in the very early days may have been given a raw deal and their compensation attempts thwarted.

Do customers assume their bank or lender would contact them?

Banks and lenders have been told that they should be contacting their customers who they know had PPI and encourage them to make a claim. This does not necessarily mean that the PPI policy was mis-sold to them, however.

In other words, some people may assume that the compensation process is 'automatic'. But it isn't.

Are customers undecided?

Yes, we think many people are undecided, wary and uncertain, even though we are told over and over again that claiming PPI compensation is easy, simple and straightforward. Not everyone understands the process, therefore they are put off claiming. Some people no longer have the paperwork and assume that this rules them out.

In can take commitment and determination but banks and lenders are now listening. You have a right to claim back PPI compensation if the product was mis-sold to you. Don't let the banks get away with it.

PPI Compensation Claims: The Facts

Thinking of making a claim for PPI compensation? The recent advert launch has raised many questions for people but what are the facts? Why is the PPI mis-selling saga such a big deal?

How many PPI policies were sold?

It is estimated that 45 million PPI policies were sold, the vast majority of which were mis-sold. Mis-selling means not giving you the full facts about the policy, its terms and conditions, or telling you it was a compulsory purchase or part of the loan agreement etc.

There were all kinds of excuses that people were given to force or compel them into buying an insurance product they really didn't need or want. It is a huge problem, the scale of which has never been seen before.

How much has been repaid?

So far, the PPI compensation bill stands at just over £27 billion but there are financial market experts who believe that this is only a quarter of what is owed to people.

The average claim of £2,750 is calculated by dividing the value of the 45 million policies sold by the thousands of customers thought to have been affected. But it is important to remember this is only an average figure - you could be entitled to less or a lot more.

Who mis-sold PPI?

There is hardly any financial company, bank or lender untouched by the PPI mis-selling scandal. The list includes most, if not all banks and building societies in the UK, the majority of lenders and some brokers too. As well as credit cards and loans, PPI was mis-sold on catalogue accounts, car finance, store cards and mortgages in some cases too.

How far back will my PPI claim go?

Without examining your case in detail, it is impossible to tell but PPI was mis-sold from the 1990s right up until 2010.

That means you could have 15 years of PPI premiums, costs and interests to be compensated to you. And, bearing in mind that many people have more than one PPI claim, you can understand why some people have compensation reaching triple figures sometimes!

When do I have to claim by?

You may have seen the TV advert by the Financial Conduct Authority which launched on 29th August 2017. It uses a mechanical head of Arnold Schwarzenegger zooming around a supermarket urging customers to make a decision.

And it is important you make a decision because there is two years left in which you can make a claim for PPI compensation. After 29th August 2019, the door closes and the thousands of pounds of your money will be lost forever.

Do you have a claim?

Making Successful PPI Compensation Claims

We have been a leader in the field of PPI compensation claims for some time now. With a fantastic reputation, people turn to us for advice as well as help with making their claim.

With a 93%+ success rate, this is how we do it:

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.

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.

We don't ask for money upfront

You should avoid any company who asks for you to make 'a 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.

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.

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 like other companies do. We will take on any eligible claim for PPI compensation.

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!

Reasons Why People Don’t Make a PPI Compensation Claim

Some city commentators believe that the number of people who have made a claim for PPI compensation are just the tip of the iceberg. With nearly 60% still to make a claim, the PPI compensation bill could more than double in the coming years.

With a June 2019 deadline expected to be announced by the Financial Conduct Authority in the coming months, what are the reasons why people are not making a claim for PPI compensation?

I won't get much money back, so what's the point?

There are stories of people claiming a few pounds back, just as there are stories of people claiming back thousands - like the chef who won a staggering £120,000 in PPI compensation or the businesswoman who enjoyed a PPI windfall of £84,000.

In many ways, how much or how little you claim back is irrelevant. By claiming your money back, pittance or not, you are telling the bank or lender that you are a savvy consumer and will not be hoodwinked into buying something that was effectively useless.

It affects everyone else but me

This is incredibly common. And we understand why.

With PPI being talked about for years, it has become part of the daily landscape of life and thus, the stories of people claiming back thousands of pounds is almost too good to be true. It can certainly feel like a good luck story that happens to everyone else.

The truth is that PPI affected and continues to affect a large chunk of the population including YOU.

PPI - I didn't buy that kind of insurance

Are you sure? PPI on credit cards was added at the time you bought it because the opt in box was already ticked - and that was placed at the end of the very long set of terms and conditions. If you read every word of those and the terms and conditions of the PPI policy, we think you were unlikely to have bought it.

Our suggestion? Check all your paperwork again.

It affects my credit score and all my other creditors will come chasing

We work with people who are in arrears as well as those customers who are part of an IVA agreement. Your debt advisor can help you with what you need to do with any PPI payment but no claim affects your credit score and no bailiffs will come calling in relation to your PPI compensation claim.

Why haven't you make a claim for mis-sold PPI?

Is it Too Late for PPI Compensation Claims?

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.

But as we are about to show you, it is never too late to launch a claim for your money back (but, there may be something on the horizon that does).

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 talk of a PPI June 2019 deadline and that means you should submit your claim for PPI compensation as soon as possible.

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