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Archive for tag: PPI Questions

Quick PPI Questions and Answers

Have a quick query about PPI that you need answering? We have collated some of the questions we are asked and asked our team to come up with quick answers to them.


How far back can a claim be made? I had a car loan a few years, with PPI - will the bank contact me?

The bank may contact you as they are being 'advised' by the Financial Conduct Authority to do so. The easy rule for PPI compensation claim is that if the loan was active in the last 6 years (that is, you were making payments on it), then you could claim. However, there are always exceptions to the rule so if you have a case, why not make a claim?

We have a £7,000 personal loan with Lloyds and were mis-sold PPI on it. How much compensation would we be entitled to?

Without knowing all the details, it would be difficult to be completely accurate but between £1,500 and £2,000 would be a guesstimate. This includes interest at 8% but you could be entitled to more with fees and costs added. And then there is the possibility of commission payments on top.

I am still paying for a PPI insurance product on my credit card with a well-known high street store that also offers banking facilities. I don't recall agreeing to it. Do I have a claim?

The first thing you need to do is look at the details of PPI and see if it covers you. You may also want to look online to see if you can get a better deal from another insurer. Lenders rarely sell PPI these days and so we would need to know more detail about this.

I have an EGG credit card, can I claim?

Yes you can. EGG was one of the companies fined in the past for slow payments etc. so always worth striking while the iron is hot. But EGG itself no longer exists but Barclays bought the company and so they are responsible for refunds.

I have been made bankrupt, can I still claim compensation for mis-sold PPI?

Yes you can, although there are circumstances that you will need to be aware of. For example, you may not receive compensation if you claim is successful, as the money may be used to pay off your debts etc. Cases of debt and bankruptcy when seeking PPI compensation need not be complicated but it pays to get thorough advice on the best way to proceed from an independent source and debt specialist.

We bought a new car through a financial firm who told us that PPI was essential, or we couldn't have the car. Is this mis-selling?

It sure is! The purchase of PPI has never been compulsory!

I closed my credit card and paid it off. Could I still claim?

Whether the account is closed or not is irrelevant. You can claim compensation for mis-sold PPI if it was actually mis-sold to you and the policy was active in the last 6 years.

5 Frequently Asked PPI Questions

PPI was mis-sold on a huge scale. The product was expensive for the little cover that it offered but, it was the way in which it was sold that now means people are claiming their money back in droves - the tune of £300+ million per month.

Questions were asked and answered sought as to the how and why something of this scale could happen.


HOW did banks mis-selling PPI?

In the main, banks and lenders werenot fully explaining the policyto customers. For example, if you were self-employed, to claim on the policy you would have to shut your business down in the hope that your claim was one of the 15% successful ones made against the policy. Would you take that chance?

There were other mis-selling reasons - call the team at Payment Protection Scotland.

WHY did the banking industry culture add to the problem?

PPI was a product that the bank liked because for each sale they made a significant profit, up to 80% profit in some cases.

Employees or brokers selling the policies - either face to face or over the phone - were also making great commissions, adding as much as 67% on to the cost of the PPI policy making it an expensive but lucrative product.

Customers are now receiving the commission payments back too. Does this affect you? Give our team a call.

HOW do I make a claim?

You can contact your bank or lender direct and tell them that you believe you were mis-sold PPI. You can do this via letter or by completing a form they may have sent you.

You can get help and this will cost you a % figure of the final PPI compensation you claim back. At Payment Protection Scotland, we are specialists in helping people to get their money back.

We charge a fee for our service but with a remarkably high success rate, we are the go-to PPI claim company.

WHY has a PPI deadline been introduced?

The PPI deadline has been introduced, says the Financial Conduct Authority, to 'draw a line under the whole issue'. It also believes that by introducing a PPI deadline in August 2019 that customers who are yet to claim will make a decision.

It could flood the PPI compensation claim system and the figures released by the FCA already show that since October 2017, the number of successful claims has been higher than previous months.

HOW is the PPI deadline being introduced?

You have until 11.59pm on 29th August 2019 to lodge your PPI complaint about a policy that you believe was mis-sold to you before July 2017.

The friendly, experts at Payment Protection Scotland can help. Give them a call today!

Do You Have Questions About PPI?

PPI is a subject that has been in and out of the news for years. The declaration of a PPI deadline and the accompanying adverts encouraging people to decide about making a claim for compensation will hopefully stir people to investigate whether they have a claim or not.

But sometimes, it leaves more questions than answers.


Can I make more than one claim for PPI compensation?

Each PPI policy is a separate claim. You may have PPI on a credit card, another policy on a catalogue account, another one on your mortgage. You would make a separate claim for each, even if they are with the same provider because it has to be proven that each policy was mis-sold.

Can I make a claim on a loan or other account that has been 'paid off' and closed?

Yes you can, there is nothing stopping you only deadlines based in consumer law. You will need to have been making payments on the account within the last 6 years, as set down in consumer law.

Is there a maximum amount that can be claimed?

Your compensation settlement will depend on

  • how much you borrowed
  • how long the term of the loan was for and how long the PPI term was over
  • how much the PPI was charged at.

The average PPI claim is estimated to be around £2,750 but you could be able to claim back much more than this - or a lot less. Once we have your full details and information, we will be able to provide you with a more accurate figure of how much compensation you could claim back.

How does the Payment Protection Scotland process work?

Once you have contacted us, we will gather a variety of information and detail from you, including the lenders that we need to contact on your behalf. We will look at your case and assess it as to whether you have a claim for PPI compensation or not. There is no obligation to continue with a claim with us.

If you do and you decide to continue with us, then we take the next step which is to lodge complaints with lenders on your behalf.

Before we can do that, we will need written permission from you allowing us to act on your behalf.

How long does it take to claim compensation?

Providing we have the paperwork, signatures and all the relevant information needed, and your bank or lender does not contest your claim, they will hopefully make an offer quickly.

There are deadlines by which the bank or lender must response to your PPI complaint, but this will not necessarily mean that you will have a PPI offer made in this time.

Payment Protection Scotland can help you make a claim for compensation - call us TODAY!


PPI Questions and Answers

There are so many questions about PPI compensation, but we have taken a look at some of the most recent questions our teams are being asked…


Q. I think I agreed to PPI. Surely, this means I can't make a claim?

Payment protection insurance (PPI) was mis-sold in so many different ways that, even though there are long lists of proven mis-selling reasons, on occasions, it does come down to individual cases and circumstances.

In this case, the successful conclusion of the case would lay in whether the bank knew your circumstances, such as your employment situation, fully at the time they sold you PPI. In most cases, the bank or lender would have known, as they would have performed cursory checks to satisfy themselves that you could make repayments on the loan.

There is also the additional complication of commission. Were you told, for example, that the person selling you the product would receive a commission? If so, how much was this? There are more questions that need asking about your claim which is why we would be happy to take a closer look - why not have a no obligation chat with our team?

Q. I have a bank account that is permanently overdrawn and I have since discovered that some of the 'fines' I paid for late payments etc. was down to the bank taking out PPI premiums. I have read that I may be able to claim back these late fees and fines too - is this a possibility?

This has been in the headlines recently as a claim management company brought it to the attention of the authorities that banks were still picking and choosing what they compensated in terms of PPI payments.

Many customers, like yourself, did suffer from fees and costs being added to their accounts as a result of high PPI premiums being paid.

The Financial Conduct Authority and the Financial Ombudsman Service have told banks and lenders that they must compensate customers back to the financial position they would have been in if PPI had not been added to their accounts.

Again, we need to know more to be able to advise you specifically on your case. Our team is waiting to take your call.

Q. I have no idea if I was mis-sold PPI because I really can't remember. I just signed the paperwork put in front of me. It was a difficult time, emotionally and financially for me, and the loan was needed for all kinds of mundane things, such as roofing repairs. Do you think I have a claim?

This is something we hear time and again. People went to their banks for advice and help when they were in need of financial help, only to have a policy sold to them that was of little or no use.

Our team will be more than happy to look at your claim and here's the best bit - we do so without obligation AND, we operate on a no win, no fee policy so you don't need to pay us unless your claim is successful.

Your PPI Questions Answered

Even though the PPI mis-selling debacle has been around for some time, there are still many questions that can remain unanswered. Take a look at some of the questions our team are frequently asked;

#1 How long does a PPI compensation claim take?

Once we send the letter of complaint on your behalf, the lender will typically take between eight and 12 weeks to investigate your claim and reach a decision.

What can add to this time is when we need to trace accounts and lenders on your behalf. We do this as quickly as possible so that your letter of complaints can be submitted to a lender or lenders, and your compensation paid.

However, if you decide to raise an appeal with the Financial Ombudsman if the bank refuse your claim, this can take many months. This is because the ombudsman is swamped with claims relating to PPI compensation, as well as cases concerning other financial products.

#2 How far back can a claim go?

PPI was mis-sold from the 1990s onwards and despite objections raised in the early to mid-2000s, it was a financial product that was still being sold to people who would not have been covered by it. The selling of PPI didn't stop until 2010.

There is no limit on how far back your claim can go which is why we encourage anyone who thinks they may have a claim to call us.

#3 What if I have no paperwork?

This is common problem for many people but it is one that we can help with.

You will need to call our team who will talk you through the process. As long as know who the lenders were, we can issue a Subject Access Request instructing your lender to send us the information we need to assess your claim.

Financial companies must keep records of transactions etc. for the past six years. It may be that if your account was closed more than six years ago, they may not have a case to send us. However, we have helped customers with claims dating back 20 years.

It will take longer and take more perseverance on your part and ours, but we will do all we can to help you make a claim as getting your money back is important.

#4 I have an IVA. Can you still help me?

We can work alongside you to make a claim but you will also need to be up to date with your payments under the Individual Voluntary Agreement and should also consult your debt advisor before making a claim.

At Payment Protection Scotland, we have already successfully claimed back PPI compensation for thousands of customers. Are you next?


PPI Questions and Answers

1. How do I know if I have a compensation claim?

Eligibility is key when it comes to making a compensation claim for mis sold Payment Protection Insurance (PPI).

It may seem like it but banks and lenders are not simply giving the money back. As per the Consumer Credit Act, the onus is on the customer to prove they were mis-sold PPI on their product.

PPI is an insurance that is debt -specific, that is, it applies to the product on which it was sold. It should protect repayments on the loan, mortgage or credit card etc. should you be in the position of not being able to meet the repayments due to redundancy, long term sickness or unemployment.

But, the PPI policy did not cover people many people and, there were other problems with the policy. Effectively, you paid for a product that was on no benefit to you.

Look on your documentation, statements etc. for you accounts and see if there is mention of PPI being added to your product.

2. If I can't find my paperwork, what can I do?

There are several ways on which you can acquire this paperwork:

  • Check if you can access your account(s) online. You may find policy number and information on your account this way.
  • Ask the bank or credit card provider for a copy of all the paperwork relating to your account(s). Under the Data Protection Act you are entitled to ask for and receive this information in a swift and timely manner. They may charge you, a £10 fee is the norm.
  • An online credit agency such as Experian may be able to help, although again, there may be a joining fee. Check before you sign up.
  • Still no luck? Then we can help you. By signing an authorisation form, we can on your behalf, obtain this information. But it will add a slight delay to your case.

3. How do you help me make a claim?

We are an experienced claims management company who have helped thousands of Scottish customers make successful PPI compensation claims.

All you need to do is sign a few simple forms and we submit your claim submit to your bank etc. on your behalf.

We will then check that any PPI compensation off you receives if the amount we have calculated you are entitled to. On occasions, some banks have made low offers, assuming that customers will accept. However, customers are proving to be savvier than this and insisting on the correct amount of compensation they are entitled to.

4. How much will it cost?

Details of our latest fee can be found on our website. We offer our service on a no win no fee basis, meaning you will be invoiced after you have received your compensation.

We know we offer one of the best claims management services around. Call us today for a no obligation chat.

The Top 5 PPI Questions

Sold on a hard-to-imagine scale, payment protection insurance (PPI) compensation has been claimed by a large chunk of the population.

But with 60% of people with eligible claims yet to claim their money back and with a June 2019 PPI deadline looming, we thought we would look at the five most asked questions about PPi and the whole mis-selling saga.

1. HOW were banks mis-selling PPI?

In most cases, banks and lenders did not fully explaining the policy to customers.

For example, they did not tell customers that if they were self-employed, that their claim on the policy was unlikely to be successful unless they closed their businesses down.

Customers were also given the impression that, without PPI, their application was unlikely to be approved. There are cases where PPI was added at a later date and you were simply informed what a great product it was - and not that it was possibly unsuitable.

2. WHY do some reports suggest that the culture of the banking industry at the time lent itself to the mis-selling of PPI?

PPI was a product that the bank liked because for each PPI policy sold, banks, lenders and brokers made a profit.

Employees who sold policies - either face to face or over the phone - were also making commission. in fact, it is now generally accepted that commission rates were way above salary rates.

These two factors combined, as well as lack of a regulator with teeth, presented unfettered opportunity to mis-sell PPI.

3. HOW do I make a claim?

You can contact your bank or lender direct and tell them that you believe you were mis-sold PPI. This can be done via letter. Bear in mind that you need to proof you were mid-sold the policy.

Or, you can get help to a make a claim. We charge a fee for this service, a % figure of the final PPI compensation you successfully claim back.

We are professional and passionate in their dealings with claiming back PPI compensation on your behalf. We do all the hard work, leaving you free to enjoy your compensation when it arrives.

4. WHY have my bank written to be me about PPI?

Back in 2013, banks and lenders were told that they must inform customers that they may have been mis-sold PPI and that they can make a claim. Some banks and lenders sent forms with these letters, inviting you to complete and make a claim.

Ignoring this letter could mean that you have missed out of PPI compensation! If you think you received such a letter, contact us NOW!

5. WHAT is the time limit?

There is a 6 year 'rule'. This means the account needs to have been active within the last 6 years BUT, the Financial Conduct Authority has been clear that anyone with a PPI policy that was mis-sold to them is entitled to make a claim.

Key PPI Questions

Have a question about payment protection insurance (PPI) that you have always wanted to ask? We have the answers!

My sister made a claim for PPI compensation on her credit card and received nearly £800. When I made a claim for mis-sold PPI on my credit card I only received £365! Why do some people get massive pay outs and others a lot less?

The reason why some people receive more is down to a number of factors, all of which vary from case to case. With credit cards, the amount of PPI compensation will depend on;

  • How long you have had the account
  • The amount of credit used - in the case, one customer could have all of her credit limit, but the other customer a lot less
  • How PPI was calculated on the account - in some cases, it was applied as a percentage of the amount outstanding each month

My bank told me I had to have some kind of insurance product and recommended their own. This means I agreed to it so I don't think I can claim any money back. Or can I?

Many customers were told that they had to buy insurance to protect repayments on a loan. In the case of mortgages, this is common practice just as a mortgage lender will often stipulate you must have buildings insurance on a mortgaged property.

What they cannot do is stipulate which insurance provider or product you must have and, more importantly in this case, can they stipulate that you MUST buy their own. This is what happened however, when it came to PPI. By shopping around, customers would have found that they could have a better quality product but with a lower premium.

I have read that if my bank refuses my claim then that is the end of the matter but then a friend of mine has just receive a handsome pay out after an organisation told the bank they had to pay her back. How can I benefit from this?

The organisation you are talking about is the Financial Ombudsman Service. This is the body that looks at cases of complaints that customers bring to them about a financial institution or a product they have sold.

They deal with all kinds of products, not just PPI. However, before they will look at your case, you will need to have approached your bank or lender first. If they refuse your claim but you still think you have a case or are unhappy with their reasons why you are not entitled to PPI compensation, you can refer you case to the Ombudsman.

Why not call Payment Protection Scotland to find out more?

The Questions you Have Always Wanted to ask About PPI…

Payment protection insurance (PPI) was mis-sold on a huge scale. The proportion of the mis-selling is simply staggering. For many people, this alone leaves many unanswered questions about the whole PPI saga.

How was the mis-selling uncovered?

It was a combination of events involving consumer groups and a complaint from a lone customer many years ago, in the early 2000s, that led to the sale of PPI by British banks and lenders being referred to the Competition Commission, now known as the Competition and Markets Authority (CMA).

This Government body is responsible for ensuring that all trade and selling activities within the UK are carried out on a fair basis.

What were the initial complaints regarding PPI?

As well as concerns about how the policy was being sold to people, concern was also raised about the level of cover provided compared to the cost of the policy. Many consumer organisations felt that the high cost of cover was disproportionate to the scant cover it offered.

There were also concerns raised regarding the pay-out rate under this policy too. On average, there was a successful pay-out rate of only 15%, incredibly low when compared to other insurance policies.

What are current concerns about PPI and the compensation being claimed?

Banks and lenders are not pleased that they are giving away their profits in compensation. But, there are two concerns currently:

  • Commission- the level of commission paid by banks to its own staff or to third parties on the sale of PPI was high. There has been a recent case that was successfully found in favour of the customer who said she would not have bought the policy if she had realised how much commission was being paid to the broker. As yet, there has been no indication how or if this ruling will affect PPI compensation claims.
  • Deadline- the Financial Conduct Authority (FCA) are currently consulting on the possibility of introducing a deadline for PPI compensation claims. The consultation will run for the duration of spring 2016 and, if there is to be a deadline imposed, many pundits suggest it won't be until the end of summer 2018.

How do I make a claim?

You need to tell the bank that you have PPI on certain accounts and you believe it was mis-sold to you. There are all kinds of reasons why this insurance policy was of no use to you, such as being retired at the time it was sold to you, or that it was added without your consent or knowledge.

Payment Protection Scotland can help you not only to make a claim, but also determine if you have PPI. Call today!

Do you Have a Question About PPI?

Payment protection insurance (PPI) is a product that most people will have heard of. The issues surrounding PPI were first raised in the latter half of the 1990s and now, 15 years on we are nearing the end of the PPI mis-selling scandal.

But many people still have many questions.

How do you know if you were mis-sold PPI? And why do you have to 'prove' it?

In order to make a claim for PPI compensation, you have to prove that a) you have the policy on your account and b) you were mis-sold it.

Many customers find this unfair and think that banks should simply refund everybody that they know they sold PPI to.

However, consumer law still has to be followed and thus, the customer must show the bank that they were mis-sold the policy. There are many reasons why this happened, from the customer being unaware they had actually bought it, to being sold it when the bank knew that they were self-employed etc.

The banks also now say that even though they know who they sold it to, they cannot be sure that it was mis-sold to everyone. This is why you need to make a claim.

How much can you claim back?

In the very early days of the compensation process, banks made offers to customers. Fortunately, the customers were advised to refuse these and to ask for all their money back. This to a certain extent leads to it taking a few weeks to claim your money back as the bank needs to calculate how much in premiums you have paid, along with interest and any fees.

Compensation is about making sure that the customer is put back in a financial position that they would have been in had they not been sold PPI. This is why the amount people receive varies from one case to another.

What else do you need to know?

In essence, you can make a claim for compensation yourself, by contacting your bank and giving them the relevant detail.

Some people prefer to seek help with this and if this is the case, you can use the services of a professional claim management company. Look for one that have a proven track record in helping people claim their cash back, and who are also successful in doing so.

Payment Protection Scotland is a reputable claim management company who will help you get every penny of your money back. Contact us to find out more.