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Archive for tag: Understanding PPI

Understanding PPI

In November 2015, the Financial Conduct Authority (FCA) published an analytical report relating to payment protection insurance (PPI) claims.

Some think that this report, completed by ComRes, will form the basis of the promised PPI compensation campaign pre-June 2019 deadline.

The report showed some interesting findings.

Has everyone heard of PPI?

Of the population aged over 18 years of age, 74% have heard of PPI. Of this group that have heard of PPI, 77% were aware what the issues and problems were with it.

Understanding is not as widespread with only 42% of people believing they have agoodunderstandingof what PPI was, with 46% saying they havesomeunderstandingof it and 12% say they haveno understandingof it.

One in nine people were unsure if they had PPI which broken down over the population, amounts to 8% of the UK population having no idea if they have or had PPI. 3% said they really didn't know if they had PPI.

What is even more worrying, of those that say they were unsure if they had PPI, half of them (49%) said they were unlikely to check if they did! 37% said they were more than likely to check and it was the prospect of winning compensation that was the main driving force.

The PPI compensation claiming process

Around half of those who have or had PPI made a complaint about the policy, with people who have potentially more than one claim, complaining about at least one of the policies.

Three in 10 people use a specialist claim management company like Payment Protection Scotland. Of those that made a complaint direct to their back, 59% said the process of claiming compensation was relatively easy.

Nine in 10 people who had complained about PPI received compensation but 85% of those that had claims were satisfied with the compensation they received.

Triggers for making a PPI compensation claims

Whilst claiming compensation is considered the main driving force, what prompts people to make a claim is interesting;

  • 27% of people said it was media news stories about how to complaint
  • 20% said they claimed after receiving a letter from their bank or provider
  • 19% said it was media adverts on how to complain
  • 18% said they decided to claim after a telemarketing call

The sample size of this survey was significant - 20,000 people were interviewed - and some of the statistics are interesting about how people view PPI, the whole saga, as well as how to claim PPI compensation.

Why not find out more today? Call Payment Protection Scotland now.