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Archive for tag: PPI Scotland

Get Your Money Back – Claim PPI Compensation!

Payment protection insurance (PPI) had become the most talked about financial product in the history of modern-day banking.

If you have PPI on loans, credit cards, store cards, car finance, mortgages or any other financial product and think you may be entitled to claim your money back, read on...

PPI - a product with a BIG problem

PPI was designed to protect the repayments on loans or other credit products. A sensible idea and product to buy, you may think.

Should you be unable to work for a variety of reasons, such as redundancy or illness, having an insurance policy that will continue to make repayments on your loan make financial sense. After all, paying regularly and on time protects your credit rating.

But, the issue with PPI as a product was that as insurance, it represented poor value for money.The premiums were high for very little cover.

And, the pay-out rate on claims that were successful was as low at 15%. Compare that to successful claims on car insurance at a pay-out rate of 85% and you can see what the problem is.

PPI also added significant debt to the loan, making the affordability of loans, credit cards etc. difficult. PPI premiums on credit cards added a large amount to the outstanding debt. Premiums were calculated as a percentage of the amount outstanding on the account each month, so the bigger your credit card balance, the bigger the PPI premium.

A problem with selling

The other issue with PPI was the way in which it was sold. The terms and conditions were also limited, offering that few people cover.

Customers with pre-existing medical conditions were not covered and some medical conditions or illnesses were not covered. Mental health issues that may have prevented you from working were not covered and neither were spinal or back problems.

Another mis-selling issue was the way that some banks and lenders simply added PPI to accounts without consent or permission. This happened most frequently with credit cards.

PPI on loans and other similar products is optional but many customers felt compelled to take out PPI, whilst others were told it was a 'condition of sale'. Some customers said that they felt it was hinted they were more likely to be accepted for the loan if they bought the PPI policy.

Claim PPI compensation with Payment Protection Scotland

If you have taken out a loan, credit card, store card, mortgage, the likelihood is you were also sold PPI too.

Payment Protection Scotland is one of Scotland's leading PPI claims management firms and we can help you claim your money back - call us NOW!

A PPI Scotland ‘PPI Quiz’!

Here at Payment Protection Scotland, we like to keep you on your toes when it comes to making claims for mis-sold payment protection insurance (PPI).

With the PPI landscape changing on an almost daily basis, we want to make sure you have all the latest information. But rather than just list facts and figures, we thought we would put it in a quiz format!

Take a look - how many will you get right?

1. PPI is limited to a small number of product - TRUE or FALSE?

PPI is associated with products such as personal loans, secured loan, credit cards, mortgages, store cards, car finance and other products that lent you money when you applied for it. In a sense, this is a TRUE statement as most cases for PPI compensation revolve around loans and credit cards.

2. Every person can claim £2,750 in PPI compensation - TRUE or FALSE?

There is often some confusion around the average figure of compensation which varies between £2,500 and £3,000. This figure was reached by dividing the value of the millions of policies sold, by the number of customers who had bought it. This gives an average PPI compensation figure. This doesn't mean you can claim this amount as each case will vary. Therefore, this statement is false - your claim may be worth a lot less or a lot more.

3. Claims should take no longer than 12 weeks - TRUE or FALSE?

There are all kinds of timeframes, deadlines and limits bandied about that it is easy to become confused. Your bank or lender, on receiving your claim for PPI compensation must reply to you within 8 weeks. This may be to tell you your claim has been successful or it may be to tell you that they are looking at your case. The Financial Ombudsman would like most claims dealt with in 12 weeks but this is not always possible. Therefore, the answer to this is: it varies but if your claim is successful, it should be resolved quickly.

4. If the bank or lender say no, there is nothing more you can do about it - TRUE or FALSE?

False! You can take your claim to the Financial Ombudsman, the body that settles disputes between customers and banks and lenders. They are dealing with thousands of cases and in 7 out of 10 cases, they are finding in favour of the customer.

5. Payment Protection Scotland are a successful claim management company specialising in PPI - TRUE or FALSE?

True! And we can help you. Just pick up the phone and call us for a no obligation chat.

Searching Questions – What is the Problem with PPI?

The PPI saga has been ongoing for some time. Just when you think the flames of the situation have dulled to glowing embers, something comes along and re-ignites the PPI fire.

This leaves many burning questions. Do you know the answers?

The latest issue to have hit the PPI compensation saga is the introduction of a deadline. Set for June 2019, many people, customers and PPI critics alike, have been left wondering why the Financial Conduct Authority (FCA) always so set against a PPI deadline has changed its mind. Have the banks and lenders finally got their own way? Why the change in the FCA stance?

These are good questions and ones that need to be answered. Critics of the deadline point out that as yet, there are 60% of PPI compensation claims yet to be made which suggests that either people don't know they have PPI or they don't know how to claim.

Changes at the top

The FCA came into being after it became apparent that its predecessor, the Financial Services Authority (FSA) was not powerful enough to control the banks. The FSA could only suggest or recommend changes; it had no enforcing powers.

When the FCA came into being a few years ago, its then head was a staunch critic of the banks and their power, as well as their attitude that they can and could do anything they wanted.

Martin Wheatley has a combative approach to the banks and lenders, and was quite clear in what needed to happen.

But, as the PPI compensation saga ran on and on, with the rate of PPI claims being submitted showing no signs of slowing, people started to question when it was going to end.

Martin Wheatley was replaced as the head of the FCA and the mood has been different. Although the FCA say that as a body, they are not bowing to pressure from the banks and lenders, they recognise that the PPI compensation saga is undermining the British banking industry.

But, say critics, this situation was brought on by the banks themselves and not the customer.

What it means for customers

For customers who have yet to make a claim for PPI compensation, the PPI deadline signalled for June 2019 is a clear red flag: make your claim by this time, or miss out on claiming your money back.

The FCA has promised that they will mount a robust consumer campaign so that customers are aware of the deadline, how to claim, what to look for and so on.

There has been a report published recently that suggests although people do know about PPI, they don't think they are entitled to claim - and it is this group of people who need to be reached with the campaign!

Do you have a claim for PPI compensation? Call Payment Protection Scotland today for a no obligation chat.

Why WAS PPI Mis-Sold - And for So Long?

The maelstrom around payment protection insurance and its wholescale mis-selling, doesn't look to be ready to die away any time soon.

In fact, just when you think the whole PPI saga is beginning to fade, it leaps back in to life, bringing with it another twist in the tale.

The latest twist is the introduction of a PPI deadline. Set for June 2019, everyone with PPI must make their claim for compensation by this date otherwise, they will lose out on the possibility of claiming their money back. This means that they could be waving goodbye to thousands of pounds.

Can you afford to take that chance?

But why was PPI mis-sold? And why did it carry on for so long?

#1 It was part of a 'package'

In the 1990s, banks and lenders started to sell products bundled together as packages. Like other retailers, they mounted campaigns that sold the product to customers as a deal financially worth having.

In some cases, this was true but they then started to tag on PPI as part of these packages. Thus, they gave the impression that PPI had to be bought.

The sales representative may also have told you that without PPI, it would be harder to get credit or something similar.

This is unfair selling and it meant that people were sold an insurance product that did not meet their needs.

#2 Customers trusted well-known, well-establish high street banks and lenders

Customers trusted their bank. They had no reason no too. After all, they had been a customer of that bank for decades so why would their bank dupe them into buying something that was not fit for purpose? It was also too preposterous a claim to be uttered out loud…

And this is why the mis-selling of PPI could carry on for so long. No one challenged the banks, because there was no one who really could. But there is now in the shape of the Financial Conduct Authority (FCA).

But, the market had changed and banks needed to make big profits to remain viable in competitive financial markets. And when they saw a chance to make huge profits by selling PPI at inflated prices, they grabbed it.

But the trust and loyalty of their customers was tested. And the consumer fought back.

#3 The way in which it was sold

There are several reasons why PPI was mis-sold. Customers were told they had to buy it or given the impression they had to.

Customers were not given all the information or in many cases, PPI was added to the account without your knowledge or permission.

The time has come to claim your PPI compensation. Call Payment Protection Scotland today!

What Would you Spend Your PPI Windfall on?

It is hard to remember a time when there was not a PPI scandal rumbling on and on. When the mis-selling scandal broke in to the public domain all those years ago, banks were hoping it would be a flash in the pan, a problem that would fizzle out overnight.

But the consumer was far savvier than this and realising that they could claim all of their money back, they went ahead and did so. To date, around 12 million people have claimed PPI compensation since 2011. But what have they spent it on?

Survey

Surprisingly, there has been very little research to find out how people have spent - or invested - their PPI compensation windfall.

Having said that, there were signs in the economy of people having money in their pockets as various indicators, such as growth Domestic Product (GDP) has a small and unexpected upswing. Changes of 0.2% in terms of GDP is a big change, especially with the 2008 recession still being felt.

True to form, people are spending their PPI compensation with a survey by Voucher Codes Pro in 2014 finding that it took only two and a half weeks for a PPI windfall to be spent.

There was a small minority - 12% - who saved or invested their PPI compensation whilst the majority of people spent it. But what on?

What's on your shopping list?

The survey recorded some great responses from people and the list of the top four PPI purchases were:

I. Holiday - when the purse strings are tight, often the first things to go are the expensive foreign holidays. People either choose to go budget or stay at home. But those who enjoyed a PPI windfall rushed out and booked themselves a great holiday. Is this something you would enjoy?

II. New or improved car - it is the thing that every busy household relies on but again, when money is tight, changing and upgrading the car to a newer model falls a little further down the list. However, those consumers who enjoyed a decent PPI windfall rushed out and bought themselves a new or newer, more economic car. How much would this benefit you?

III. Household appliances - freezer keep packing up? Washing machine not as good as it was? Household appliances get worn out but if you had some spare cash in your pocket, wouldn't a new fridge/freezer and so on be on your shopping list?

IV. Paying the bills - when money is in short supply, getting behind with the bills happens incredibly quickly. This is stressful and unpleasant but many people took advantage of their PPI windfall to catch up with bills.

You could do some or all of the above but only if you lodge a complaint about mis-sold PPI. Do you have PPI? Was is mis-sold?

 

Claiming PPI Compensation With PPI Scotland

Call - Sign - Relax: The three steps to claiming PPI compensation due to you

For many people, the thought of claiming their money back after being mis-sold payment protection insurance (PPI), fills them with dread.

When you lead a busy life, how will you find time to not only submit a claim, but pursue it? For other people, the thought of writing letters, making phone calls and dealing first hand with a bank or lender are not tasks they want to complete.

You may feel that you need help, an expert hand to guide you through the process and represent you too.

Criticisms

There has been a lot of criticism levelled at claim management companies, also known as CMCs. Payment Protection Scotland is a claim management company, specialising in helping people claim back PPI compensation.

Like other professionals we charge a fee for our service. If you went to a solicitor for legal help and representation, you would expect to pay? Why not other professional services?

But like all professions, there are some companies who are better than others. Some are motivated by making profit, others are motivated to help people fight back against the powerful financial sector.

Not a small-scale problem

Mis-selling of PPI was not on a small scale, affecting only a few hundred people. It affects thousands of people with billions of pounds due in compensation - and this is in spite of billions of pounds already been paid out.

Experts such as BBCs Paul Lewis has said that he believes only 40% of those with a claim for PPI compensation have done so. That leaves another 60% of affected customers yet to make their claim.

Why not get help?

If you have a claim for PPI compensation, why shouldn't you get help from a reputable company with a high success rate?

Payment Protection Scotland operate a three-step process;

Step 1 - Call us

If you believe you have a PPI compensation claim, or would like to know more about how to claim, all you need to do is call us. There is no obligation and no pressure to continue.

Step 2 - Sign

In order for us to act on your behalf, you need to give us written permission to do so. You also need to agree to our terms and conditions if we are to go ahead and make PPI compensation claims on your behalf.

Step 3 - Relax

You relax why we do everything on your behalf. We keep you in touch at every point of your claim, so you know what is happening but without the stress.

With a 93% success rate, we are the claim management company to call. Call Payment Protection Scotland today!

 

Why Was PPI Mis-sold to YOU?

Are friends, family and work colleagues enjoying their PPI windfalls? Wondering if you have or how you can make a claim? If so, read on…

If you have PPI, the likelihood is you have a claim for compensation. Payment protection insurance (PPI) was mis-sold to thousands of customers. You may know you have PPI - you may have even agreed to it! - but it is also possible there was a PPI policy added to other accounts without you knowing.

Here we re-cap on some of the reasons why PPI is classed as being mis-sold. Which one do you think applied to you?

#1 Your employment status

Your employment status at the time you were sold PPI is important because it has a direct impact on whether PPI is useful or not to you;

  • Self-employed - you are unlikely to be covered by a PPI policy or, if you are, the terms and conditions are such that the policy offers little, if any, real cover. For example, some self-employed people, in order to make a claim, would need to close their business down.
  • Part-time employment - not all PPI policies covered people who worked less than full time hours every week. Those who worked less than 30 hours a week or, on temporary or zero-hour contracts were unlikely to be covered.
  • Unemployed - if you were unemployed, the PPI policy would not cover you.
  • Retired - again, if you had no income other than pensions and so on, but not a wage from full time employment, you were unlikely to be covered by a PPI policy.

In most cases, the bank, on looking at your application for a loan, credit card and so on, would have your employment status in front of them. After all, you would have to declare that had the means to pay the money back but, despite knowing your employment status, still sold you a PPI policy, either at the time or later, via a sales phone call.

#2 Your health

Another broad category of mis-selling relates to how much you know or were told about the policy.

For example, were you made aware of what medical conditions and illnesses were and were not covered? Many people were surprised to learn that back problems and mental health issues were not covered by the policy.

Both of these medical conditions are two of the top most reasons why people are unable to work, both in the short and longer term. Imagine the devastation of being too ill to work and one of the insurance policies you were relying on let you down.

There are many reasons why PPI was mis-sold to you. Find out more today with Payment Protection Scotland and you too, could be enjoying a PPI compensation windfall very soon.

Do I Have a Claim for PPI Compensation?

Possibly one of the biggest and most frequently asked question in the UK, claiming compensation after being mis-sold payment protection insurance (PPI) is something that many people have already done. If you are yet to make a claim, you may be wondering how to go about making a claim or, if you have a claim for PPI compensation…

You were not aware you 'bought' PPI

This can be a tough one because if you don't know you have PPI, how can you possibly make a claim for compensation?

The banks were told by the regulatory authority, the Financial Conduct Authority, to write to their customers, informing them that they have PPI and that they may be entitled to claim their money back.

These letters were sent out from 2013 onwards. If you have received one of these letters inviting you to make a claim for PPI compensation but have no idea why the bank or lender has written to YOU, then you possibly do have PPI and a claim for compensation.

Don't dismiss any letter or email from your bank regarding PPI compensation.

BEWARE some less reputable claim management companies are muddying the waters, by also writing, emailing or texting people telling them they DO have a claim for PPI compensation. They sometimes include an amount of compensation to entice you further. These are 'fishing' texts and are not genuine.

You were over the age of 65 and not working

Many older people were sold PPI on the premise that should financial difficulties hit in retirement, that the payments on their loan, credit card and so on would be met by this amazing financial insurance product.

This is not the case as it was only of use to people aged between 18 and 65 who were employed for more than 16 hours a week.

Working part time when you were sold PPI? You could have a claim for compensation as it could be entirely possible that the policy was not suitable for your needs. In other words, check the small print and you may find it says you must be working 30 hours or more a week.

The loan was a joint one… but your PPI isn't

We have worked with many people who thought that because their loan was in joint names, their PPI policy would be too. After all, it would make sense that if the loan was based on your combined income, that the policy would cover you both.

Not so. The majority of PPI policies covered only one person. But this was not always made clear and neither was it made clear who was covered by the policy.

Do you have a claim?

These are just a few of the reasons why PPI could have been mis-sold to you. To find out wha other mis-selling reasons there are, call Payment Protection Scotland now.

PPI – What you Must do TODAY!

Did you know that the payment protection insurance (PPI) scandal could be drawing to a close? With the announcement of a deadline for PPI compensation claims imminent, start your claim today with Payment Protection Scotland.

You could claim your money even if you agreed to buying PPI

Many people find this a difficult fact to understand because surely, if you agree to something then you know what you are buying? But did you?

And this is the question that many people asked. They thought they had bought a product that would cover their debt as a result of a loss of income for many different reasons but the truth was far different.

Keep reading to find out why…

# The policy may not have covered the medical conditions and illnesses you thought it would

If you have every suffered the agony of a bad back, you will know how difficult it is to do the smallest of tasks, let alone work. Or maybe you have seen the darkness of depression and how paralysing this can be.

But did you know that many of the PPI policies sold to customers would not have paid out for loss of income due to bad backs and mental health issues? These are common illnesses and issues that stop people working, sometimes for a long time.

If you had known this, would you have agreed to buy the PPI policy?

# Your chances of making a successful claim on the policy was as low as 15%

If the bank had told you that in all honesty, the possibility of you making a successful claim was so low, would you still have agreed to buying PPI?

The likelihood is, you wouldn't. Car insurance policies have a high pay out success rate, with over 85% of claims being successful. But with such a low rate, many consumer organisations were critical of the policy.

Likewise, if you were successful in making a claim, the process took so long that you would have been plunged into a financial nightmare.

# You felt you had to agree to the policy

Consider when you were asked to buy the policy - were you really asked or was the conversation more along the lines of 'to stand your application in the best possible light' or 'to help your application you should…'?

Many customers found themselves in a situation in which they were given the impression that buying the PPI policy would be a great move, not so much because it would protect them but because it would make the bank a huge profit.

Now do you see why agreeing to buy PPI policy doesn't mean you do not have a valid claim for compensation? Talk to us - we can help you.

Were You Mis-sold PPI?

How to find out if you were mis-sold PPI and how to claim your money back!

Step 1 - Find the PPI policy

The first step you need to take to find out if you have a PPI policy on any of your credit cards, loans (secured and unsecured), store cards, car finance and any other kind of finance product.

You are looking for an insurance policy that promises or suggests that it will make repayments on the loan etc. should you be unable to due to being too ill to work, made redundant and so on.

In most cases, customers paid for this as a separate premium but it may be included as part of your monthly repayment.

Have you found PPI? Move to Step 2!

Step 2 - Proving mis-selling

Even though you have PPI, there is not an automatic entitlement for getting your money back. You need to show or to prove that the policy was mis-sold to you.

There are many reasons why PPI was mis-sold to customers:

  • You were pressured into buying the PPI policy
  • It was not made clear that the purchase of PPI was optional
  • You were advised to take out PPI but were not given clear reasons why it was suitable
  • You thought that by buying PPI, your application would be seen in a more favourable light
  • The exclusions, such as pre-existing medical conditions were not explained to you
  • It was added to your loan or credit card etc. without your knowledge
  • You didn't know that you would pay interest in the amount PPI added to your loan
  • It was not made clear that PPI cover would end before the loan would, leaving you without cover for the remaining number of years on the loan

You don't have to choose one of the above - in effect, all of them could apply your case.

You may have more than one claim for PPI as it could be linked to several accounts!

Step 3 - Make the claim yourself

You can contact your bank or lender, tell them you have PPI and that you believe it was mis-sold to you. Many banks and lenders now have a form that you can download from their website and submit your claim that way.

OR…

Ask Payment Protection Scotland to take the case and make the claim or claims, on your behalf.

Like other professional services, we charge a fee to use our expert services but with our team working on your case, you can be confident that we are doing everything we can to secure not only a successful outcome, but the right level of compensation. Contact Payment Protection Scotland now!