06 July 2015
When it comes to claiming compensation for mis-sold payment protection insurance (PPI), there are many fallacies and myths that circulate. Some are strong enough to put people off making a claim and thus, here at Scottish PPI Claims, we are always working to ensure that people everything they need to about making a claim for compensation.
Here, we look at some of the common compensation claiming myths…
At the start of the compensation claiming process some years ago, the attitude of the banks was much different to how it is today. In order to make a claim, some customers felt that they had to jump through hoops.
Paperwork is undoubtedly valuable. It clearly shows that you have a PPI policy but this is only half the battle. You still need to prove that you were mis-sold the policy.
But, don't be put off by this as this is something that we could help you with here at Scottish PPI Claims. Many people are told that if they have PPI to submit a claim as it may be that the bank is aware that it sold you a policy that was of little, if any use to you.
Thousands upon thousands of people were mis-sold PPI policies to the tune of billions of pounds BUT, this does not mean that everyone who has a PPI policy was mis-sold it.
That said, the terms and conditions of the policy were so narrow and restrictive in who they could and would not cover, as well as the fact that it was expensive for such a small amount of cover, means that the vast majority of people who do make a claim for compensation, do so successfully.
It shouldn't be. At the start of the process, the banks for obvious reasons, were not best pleased about having to give money back to customers. But, as time has gone on the banking industry as a whole has realised the damage that the scandal has caused.
Claiming compensation for mis-sold PPI has got easier in the sense that the banks are not being so negative in their attitude. And, many claims are straightforward although some are more complex.
As yet, no deadline has been set for claiming compensation for mis-sold PPI. If your account was active in the last 6 years, it is still possible to make a claim. If your account is older than this (not been used for 6 years or more), then the claiming of compensation can still be done, but it make take a little more effort.