08 February 2016
There is so much written about PPI that it is easy to think that you know everything about the subject but, there can be conflicting information about payment protection insurance (PPI) and your quest for compensation.
If you do nothing, you will receive nothing and so this is not an option is you are serious about claiming your cash back. The use of a solicitor is not necessary either unless they are offering a service similar to claim management companies. There are some business customers who use their solicitors to make a claim as there are times when it can be complex. You make a claim for compensation by submitting your claim to your bank, so the answer is b).
There is no doubt that having the original paperwork can be beneficial in telling the bank that you have PPI and that you want compensation. However, banks are required to copies of loan agreements and so on for a number of years thus, they could tell you if you have PPI. If you do nothing, you will receive nothing but you will need to tell the bank why you believe the PPI policy was mis-sold to you.
Compensations varies from one case to case as there are many factors and variables. PPI compensation is not a set amount and will be paid in accordance with compensation rules; in others words, the bank must compensate you the right amount which will be measured against the financial position you would have been in, if they had not sold PPI to you. This is why any fees or charges that relate to the policy being added to your account are also reimbursed. The answer, therefore, is c).
To make a compensation claim for mis-sold PPI you can write to your bank or lender yourself. If you prefer, you can engage a professional and reputable claim management company to do it on your behalf - contact Scottish PPI Claims now.