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Archive for tag: Your PPI Questions Answered

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?