18 April 2016
PPI Scotland has worked with hundreds of customers to claim back their cash after being mis-sold payment protection insurance (PPI). With an incredibly high success rate, we understand the vital ingredients that make a PPI claim successful.
Here we answer some of your questions regarding PPI…
Many people are in financial difficulties for all kinds of reasons, from over-committing their finances every month to losing their job and so on. The global recession of 2008 also landed many people in unexpected situations too.
Regardless of whether your account is in arrears or not, if you were mis-sold PPI then you have a claim. In many ways, one of the contributing factors to your situation may have been the additional expense that PPI added to your loans or credit cards etc.
Claiming PPI compensation may also help your current financial situation too, as the windfall of cash means you could pay off your arrears and improve your credit score.
NB - if you have an individual voluntary agreement (IVA) or are in sequestration proceedings, PPI compensation could be classed as a 'windfall'. ALWAYS consult with your debt advisor as to how best to deal with PPI compensation in a situation such as this.
In general, the account on which you had PPI should have been active within the last six years. In other words, you could have a loan which ended in 2010 and you could still make a claim.
However, the banking industry has realised that man thousands of people were mis-sold PPI and as a result, thousands of people are making compensation claims that date back some years.
It may be harder to make a claim if the account is old but with the right paperwork, it may be perfectly possible to claim your money back.
Currently, there are discussions taking place between authorities, consumer organisations and the banking industry with regard to imposing a deadline for PPI claims. There is no firm news as yet but experts suggest it will end of summer 2018.
As soon as we know the deadline date, we will publish it on our website.
The process to getting your claim started is simple. All you need to do is contact Scottish PPI Claims at your earliest convenience and we will look at your case. Why not call now?