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SCOTTISH PPI CLAIMS

Scotland Wide PPI Specialists

How to Claim PPI Compensation on STORE CARDS

21 December 2015

Did you know that the store card you have for well-known high street shops could have a PPI policy lurking in the background?

Payment protection insurance (PPI) was not just a policy that was applied to and sold alongside credit cards, loans and so on. It was applied to all manner of 'credit facility' accounts including specific products such as car finance deals and store cards.

The problem with PPI

In some ways the product was not at fault but, financial experts and consumer groups have since highlighted the poor value for money that PPI represents. In other words, for the level of cover that it offered, it was incredibly expensive.

The other major problem with PPI was the way in which it was sold to customers:

  • Many people were sold the policy without the representative highlighting the terms and conditions of the policy to the customer. In other words, if you have known there were significant exclusions that effectively ruled out your buying it, would you have gone ahead and purchased the expensive policy?
  • There were medical exclusions that again were not highlighted before customers bought the policy
  • Some customers were not told that they had 'bought' the policy - it was either added on later or the box to opt in and buy it was a box that was already ticked. Neither was this drawn to the attention of the customer.

Buying a store card

Many well-known high street department stores, backed by equally well-known financial institutions and banks, offer a type of credit card facility to customers. In other words, you can spread the costs of your purchases over a period of months.

This makes buying expensive items far more attainable and affordable. Unfortunately, many people bought these cards quickly and without being fully advised as to the PPI that was added on to the account.

If you bought the card at the till, with a large queue behind you, you were probably unwilling to read the raft of small print and check what that ticked box meant at the bottom of it all…

Claiming your money back

I. Check all the paperwork relating to your store cards and look for any kind of insurance policy that protects repayments

II. If you find a PPI policy, contact PPI Scotland and tell us why you believe you were mis-sold the policy

III. With your permission, we will make representation to the store card financial company that you are entitled to compensation

Do you have a store card? Do you have a PPI policy?


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