21 January 2019
Wondering how or if you are entitled to make a claim for PPI compensation and issues relating to debt are common questions asked of the team here at Scottish PPI Claims. Read on to find out more…
Payment protection insurance (PPI) has made the headlines many times in recent years.
Shortly after the announcement that customers could claim their money back, came other revelations. Customers had not, we were told, been compensated correctly and thus, these customers were compensated further.
What we need to remember is that behind these stories and revelations are people. People like you. Many people have claimed their money back, but there are a group of people worried that this will not be possible for them.
And this is because they are in debt or arrears to their bank or lender.
Not necessarily. We advise that you take your time and check over all the details, as well as any offers of payments.
Some people assume that because they are in arrears they are not entitled to make a claim but this is not the case.
The cost of PPI in some cases was added in a lump sum on top of the amount you borrowed. Every month, this combined total of loan payment and PPI premium, you will have paid interest.
A £3,000 loan may have been affordable but with PPI added to it, along with the interest, the monthly payments would significantly increase.
This meant the amount you paid back was larger than you expected. As you were tied into the loan, you had no other option but to pay it.
You may have missed some payments and fell behind. Now added were costs and late payment charges making your situation worse.
And the spiral continued.
PPI claims can see a large proportion of this loan written off, especially when you also factor in the costs and fees that are also claimed back as part of your PPI compensation claim.
Irrespective of whether you are in arrears or not if you were sold a PPI policy that was not right for you, you ARE entitled to claim your money back. This is YOUR money and the bank unfairly took it from you.
If you have an IVA agreement, we will need to discuss your claim further but you are still entitled to claim PPI compensation if the product was mis-sold to you.
Call our knowledgeable team today for a no obligation chat on claiming your money back.