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SCOTTISH PPI CLAIMS

Scotland Wide PPI Specialists

Can Your Bank INSIST You Take Our Insurance Like PPI?

22 May 2017

Since the scandal surrounding the mis-selling of payment protection insurance (PPI) started, there have been changes to the 'how, why and when' additional products can be sold to customers after they have taken out a loan etc.

These changes are to protect the consumer and to hopefully prevent mis-selling of a financial product in the future.

But, some people are surprised to find that their bank or lender, on asking for a loan, found that they were told they had to have a PPI type policy.

Can banks do this?

The changes to how insurance products can be sold

Banks and lenders can sometimes insist that you take out certain types of insurance policies as part of a mortgage. This is because there are large sums of money involved and they want to see you are serious about protecting their investment.

Sometimes, the way they go about doing this is not correct, places the customer under pressure but also gives them not-quite-right information.

Frequently, it depends on the amount of the loan. The more money you ask to borrow, the more likely it is that you will be asked to protect the loan in the case of you being unable to make repayments.

BUT…

  • You are able to shop around- just like when you buy car or home insurance, shop around for the best deal. Use the various comparison sites to get the best deal for you. You may, for example, find that the bank insists that you take out their own PPI that includes redundancy cover. But you now know that they cannot do this.
  • The bank can sell you their own brand of PPI- but there must now be 7 days between the date the loan is sold to you and the date they can offer you their PPI policy. It has to be said, the sale of PPI on loans etc. is now largely discouraged.
  • If they tell you that their PPI policy is the right one for you- they must tell you why and do son in writing.

But, can I claim PPI compensation?

Yes, you can if you have reason to believe you mis-sold the policy in the first place.

There are many reasons why PPI was mis-sold to customers: it may have been added to your account without your knowledge, for example. Or you may have been under the impression you had to buy it. There are many other reasons and our team will be happy to help you.

Can Scottish PPI Claims help you?

Yes we can! We can help anyone with PPI on their account or accounts - you could have more than one claim! Call us to find out more about our no win, no fee service.


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