05 September 2016
Look for an insurance policy that promises to make repayments on the loan etc. if you are unable to do so. It may go on to say that this could be because you are unable to work due to ill-health or losing your job.
Payment protection insurance or PPI is a generic name. Sometimes, banks and lenders renamed it by branding it so it was part of their products. Look for an insurance product that promises benefits as listed in the first point - if it says this, it is PPI.
You can make a claim for PPI compensation yourself. If you decide to do this, check with the bank or lender what the process to claiming your money back actually is. You can find this out by checking their website or giving them a call. It may be that you complete and submit a form.
PPI Scotland is a reputable claim management company who offer their services on a no win, no fee basis. This means they can make a claim on your behalf and you only pay them if they are successful.
Like other professions, the claim management profession has mainly great companies operating but there are some who offer a poor service in exchange for very expensive fees. If the company are not too clear or very forthcoming on how much they charge for their services, leave well alone.
The Financial Conduct Authority are expected to announce a June 2019 PPI deadline. But don't wait, get your claim started today. By doing so, this deadline is unlikely to affect you.
From personal and unsecured loans, to mortgages and credit cards, as well as store cards, you will be amazed where PPI lurks. You will also be amazed that you have PPI as you may not knowingly have bought it.
Although the compensation bill stands at £24 billion, and banks are saying that they won't need to add more money to their compensation pots, over half of the customers who have a PPI claim are yet to do so. Are you one of them?