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Archive for tag: PPI Scams

PPI Scams: what do they ‘look like’ and what you can do to avoid being caught out

Payment protection insurance (PPI) is a product that is the centre attention in the UK banking industry; with thousands upon thousands of disgruntled customers claiming back huge sums of money, there is also another industry that has sprung up alongside it - the claim management companies offering help to claim back PPI compensation.

The vast majority of these companies are genuine, professional companies that, for a fee, will work with you to claim back your money. Some people believe they offer a good service, whilst others think they are making a 'quick buck'.

What does not help this seemingly poor reputation are the companies who have been set up with less than honourable intentions; that is, they pray of people who, lured by claims that there is a wad of cash with their name on it, are bamboozled into attempting to make a claim but, in the end, are left with huge bills - and no PPI compensation!

Scams to look out for…

  • Phone calls- possibly the most annoying are the phone calls that some people receive on an almost daily basis; these can be anything from recorded messages to confident callers, who will not take no for an answer. Aside from marketing calls, some firms or people are also calling, telling you that there is a sum of money with your name on it and all you have to do is pay them xx amount… do not fall for this scam!
  • Text or SMS messages- not as annoying in the sense they are less intrusive (you can simply delete them), it is still a nuisance to receive unsolicited messages, again promising thousands of pounds in compensation.  If you haven't opted for a firm keeping you up to date via SMS, these are probably scams.
  • Door-to-door- more prevalent in some areas of the country than others, cold callers at the door are not welcome, especially if they are being less than honest. Alarm bells need to start ringing if they ask for your bank details for payment up front…
  • Letters- this can be difficult as banks and lenders were told 18 months ago they needed to write to customers, informing them if they had a claim for compensation. This, to a certain extent, waved a flag to the less-than-honest firms who then also wrote to people, giving them the impression that they also know they were entitled to a big PPI compensation claim; inevitably, the letter will have ended with, 'just call with your bank or credit card details…'

Legitimate calls and letters etc.

But, there are companies like Payment Protection Scotland who are a legitimate claims management company but, we do not ask for personal details or credit card details upfront… we offer, first and foremost, great advice. Do you have a claim?