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Archive for tag: PPI is Not Just a Banking Industry Problem

PPI is Not Just a Banking Industry Problem

Payment protection insurance (PPI) is a product that people commonly associate with mis-selling within the British banking industry. To a certain extent, they are not wrong but there are other lenders affected too.

Bank1

Virtually every bank and building society are affected by the PPI mis-selling scandal, although the severity and scale of the mis-selling of PPI to customers vary significantly from one banking group to another.

But you may be surprised to learn that it also affects large companies such as Argos and Homebase too. An announcement at the start of March 2014 by the company who owns both these brands have put aside £25m to compensate customers mis-sold PPI, have led to some people asking why.

Store cards and loans

Here at PPI Scotland, we have always encouraged customers to check all credit accounts and facilities that have had in recent years, including such things as store cards.

Many customers bought kitchens, TVs and larger appliances on credit from either Argos or Homebase using the credit facility that these brands offered at the time.

Home Retail who owns both the brands accepts that there was a problem, although on a smaller scale than the banks. Its financial arm, regulated by the Financial Conduct Authority, has taken the responsible route of writing to customers.

Just like the letters that banks have sent their customers, if you receive one then you must act quickly if you think you may have some kind of loan or store card with Home Retail and make a claim for PPI compensation.

£25m equates to at least of a quarter of the annual profits that Home Retail has made in recent years, therefore it is a significant sum.

Do you have a PPI compensation claim?

If you think you have PPI on an account with Homebase, Argos or any other bank or lender, then now is the time to contact Payment Protection Scotland…

  1. Contact us by using our online contact form or by calling us but do so quickly because the PPI deadline August 2019 is only a few months away
  2. Have the details of all your accounts in which you know or think you have PPI on them, including paperwork relating to a new kitchen, bathroom or large appliances in which you paid back in instalments
  3. If you cannot find the details that show you have PPI on the account, we may be able to help you find this- there are various options for doing this
  4. Once the forms are signed and returned to us, you can sit back and relax and let us do all the hard work!

We promise to stay in touch with you throughout the process as well as working to get the very best result for you - all this for one fee too!