07 December 2015
With payment protection insurance (PPI) being in the news for many years now, it can be apparent that we sometimes assume that we know everything that there is to know about PPI… but do we?
Test your knowledge here…
This could essentially be a difficult question to answer. However, over the years that the PPI scandal has rumbled on, the facts have become a little clearer.
In fact, the Financial Conduct Authority agreed some time ago that this 'do I, don't I?' about whether to make a claim or not needed to be dealt with. The truth is that many people may not have the evidence they think they need to prove they had a PPI policy -but the banks do.
This is why banks were told to write to customers to tell them they had PPI and may be entitled to make a claim.
Even if you are unsure about whether you had a PPI policy or not, there is no harm is asking your bank or lender to check your account records on your behalf. If they say you did have PPI, you can then go ahead and lodge a complaint asking for compensation if you believed it was mis-sold to you.
Again, with stories of thousands of people claiming back thousands of pounds in compensation - collectively, the banks and lenders have paid back billions in compensation - you could be forgiven for thinking that compensation should be automatic.
It is true that PPI was mis-sold on a scale that could only be described as gargantuan. However, every case is different and must be treated as such. There are many reasons why PPI was mis-sold and the reason why it was deemed as mis-sold to you, will and can vary from the reason why it was mis-sold to someone else.
This means, therefore, that not only in compensation NOT automatic but the amount you receive in compensation is also not automatic not is it the same. There are so many variable factors in from one case to another that it is important that each case is assessed on its own merits.
Just when we think that the fire is being extinguished beneath the boiling vat of PPI claims, something comes along to stoke the flames.
There has been talk of a 2018 deadline but this has yet to be confirmed. If you think you have a claim for mis-sold PPI, NOW is the time to act!