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Archive for tag: PPI Pa

Could the Banks Owe Billions MORE in PPI Payments?

Banks and lenders could have been dealt another blow in the PPI saga this week with a could awarded £17,345 in compensation even though they were not mis-sold PPI.

Skyline

Christopher and Joanne Doran were awarded the sales commission they had paid, plus interest, on a loan and PPI they had bought.

This is the first time anyone has been awarded commission refund payments when the PPI policy was determined to have been legitimately sold.

Even though it sends a strong signal, for anyone else looking to claim back the commission they have paid on a PPI policy will need to go to court.

Under the Financial Conduct Authority ruling after the Plevin case, customers could claim back commissions payment - the money paid to firms on behalf of insurers for arranging their policy with customers - if it was considered excessive.

What this means is, customers could reclaim any amount of commission that was in excess of 50% of the premium.

And, as the Doran's proved, this can be done even if the PPI policy was not mis-sold.

Under the Plevin ruling, around 1.2 million complaints regarding excessive commission have been successful out of a total 13 million PPI pay-outs.

Setting a precedent?

The City think not.

The judge ruled that the couple were entitled to the whole of the commission - 76% - plus interest.

Currently, Paragon Personal Finance is deciding whether to appeal the case.

Whilst lawyers are toasting success claiming it could place another £18 billion debt at the door of banks to pay back to customers, the City experts think this isn't the case.

With £30 billion paid out to customers thus far, some experts believe that the number of claims left is lower than predicted although there are still some people who suggest that there are millions of customers yet to make a claim.

PPI deadline

The FCA has determined that all PPI compensation claims must be made by August 2019.

But what about commissions payments? Could you be owed more?

You could approach your lender and ask what commission payment was involved or contact your broker direct. They should supply you with this information as part of your claim.

If it has been determined that your policy was sold correctly, but you want to claim compensation for the commission, then you will need to contact your solicitor who can advise you further.

For all other PPI compensation claims, just pick up the phone and call Payment Protection Scotland!

 

Do I Need ALL the Paperwork?

Common questions - and their answers - on making a successful compensation claim for mis-sold payment protection insurance (PPI).

Do I need all the paperwork relating to PPI?

In essence, the paperwork you are seeking to locate is anything that shows you have PPI on that account. This may be part of the documentation for the account, especially if PPI was sold as part of the package. In the case of other accounts where PPI was sold separately, you will be looking for a separate policy or document.

If I can't find this paperwork, what else can I do?

There are other means of finding out if you have PPI on an account or not;

  • Ask the bank or lender direct - most banks, building societies and lenders will have a specific section on their website about how to find out more about claiming PPI compensation, including finding out if you have a PPI policy or not. If they don't, call them and ask them to tell you if you have PPI or not.
  • Credit reference agencies- some credit reference agencies may also have this information on your file. For a small amount, you can access this information.
  • PPI Scotland may be able to offer this service too- call us for more information.

I really cannot remember how I was sold the policy or why I bought it. Surely this counts against me?

Not necessarily. One of the many reasons why PPI is seen as being mis-sold to people is that the bank suggested it was a 'default setting' to buy PPI. In other words, taking out an insurance policy to protect your loan/credit agreement/credit score was a great idea.

And most people would agree but in the case of PPI, the chances of it protecting your repayments and you being able to make a successful claim against the policy were incredibly slim.

Is it easy to make a claim? I really don't have time to spend hours on hold to the bank…

We understand these concerns and for busy people, time is of the essence. This is why we offer a comprehensive service for PPI compensation claims.

We start by assessing your claim, checking which accounts have PPI added to them and how to make a claim with that particular financial company or bank (they all have different processes). We then submit your claim, detailed with how you believe you were mis-sold PPI.

We also calculate how much compensation you could be owed and check any PPI compensation offers or settlements with our figures. We can then give you guidance as to whether this is enough. We can also help submit your claim to the Financial Ombudsman if the bank refuses your claim…

… and you get all this for one fixed fee, which you only pay if we are successful in getting your money back! Call us to find out more.

PPI and the Case of the Missing Paperwork

This is a story being played out across the UK but Payment Protection Scotland would like to change the ending...

"Mary and Bill retired some years ago. They had invested in pensions, their lifestyle can now be described as comfortable. They are doting grandparents to many grandchildren. They have a daughter in Australia, married with 3 grown children.

Mary and Bill received the dreadful news a few years ago that there had been a dreadful accident in Australia. Their daughter was incredibly ill. Mary needed to go but they did not have enough funds to get her out there immediately.

With an insurance policy due to mature in 6 months, Bill decided to act quickly; he applied for a small loan with his bank, with whom he had banked for the last 33 years. Being emotional, with his mind on his daughter's plight, he signed everything he was asked. The money came through and Mary flew to Australia.

Bill followed shortly after but their daughter pulled through and all was well. They flew home.

Time passed and the PPI debacle hit the headlines. Mary tutted and commented on the seriousness of the situation but Bill mulled over the loan he had taken out 2 years. It was paid off now; he had used some of the money from the insurance policy that had matured 6 months after their Australia visit.

"I wonder if PPI was added to our loan? Too late know though, no idea where the paperwork for it all is..." And Bill did no more about it.

What Payment Protection Scotland would like to happen!

  1. They would like Bill to contact them to discuss the full circumstances at the time they took out the loan! Neither Bill nor Mary were working, they were retired. The likelihood is that they would not be covered under the PPI policy.
  2. They would contact Bill's bank on his behalf to ask for copies of the loan agreement to check if there was PPI on the loan. If there was, there is a potential PPI compensation claim.
  3. If there was PPI on the loan, Payment Protection Scotland would advise Bill and Mary to submit a claim for PPI compensation on the following grounds;

i. The sale was unfair; Bill's mind was clearly distracted at the time he signed the loan papers.

ii. PPI would not cover them as they are retired

iii. PPI would still not have covered them if Bill had been working; his pre-existing angina means if he had not been able to work due to it getting worse, they would not have made the loan repayments on his behalf

iv. PPI compensation is due and we would give the bank our calculations as to what we think Bill should be due

v. If the bank declined Bill's PPI compensation claim, we would take the case to the Financial Ombudsman Service (with Bill's permission)

Don't let missing paperwork stop you making a PPI compensation claim! Call Payment Protection Scotland today!