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SCOTTISH PPI CLAIMS

Scotland Wide PPI Specialists

The BIG PPI Question

16 April 2018

In this blog, we take a look at one of the BIG questions we are frequently asked by our customers. Using the latest information, we give examples of some situations we have come across. For information and advice specific to your case, call the team at Scottish PPI Claims. 

Question Mark

"I remember a call from the bank and PPI sounded a good idea. But, do I still have a claim?"

In many cases, the problem was not the policy itself but the way in which it was sold. Many claims for compensation are based on policies that were sold to customers a long time ago. Memory has a habit of fading over time but just because you can't remember all the details, doesn't mean you can't claim your money back.

The banks and lender know who they sold PPI policies to…

The banks, lenders and other financial companies in the UK would like us to believe that some of these claims are for policies sold so long ago, that no one really knows who had PPI and who did not.This is not the caseand the Financial Conduct Authority, the financial industry watchdog knows this.

Thus, if you feel you cannot claim because your memory is a little vague, you are unsure of the details and so on, then take heart because it doesn't stop you from making a claim.

The questions that were and were not asked are important

PPI is a policy that suits some people although, the policy offered by the banks and so on was so narrow in its terms and conditions that only a few people would benefit.

In other words, the thousands of customers who 'bought' the policy on their bank's advice, were buying something that did not suit them.

There are many reasons why this policy may have been unsuitable for you:

  • Were you asked about your employment status?

Those that were self-employed, retired or unemployed at the time they were sold the policy would have faced major issues in making a successful claim.

  • Were your asked about your health and any prevailing issues?

PPI did not cover existing medical conditions hence, the most likely condition from which you would be unable to work would not be covered.

  • Were you asked about current policies and cover you had elsewhere?

Many customers already had insurance cover that would cover their debts, but this was not taken into account.

There are many more, which is why you need to call PPI Scotland!

Were you given the impression you were being 'advised' to take out the policy?

There is a line between presenting a financial product as a viable option to a customer and advising them to buy the policy.

In terms of advice, this is when the representative told you that the product suited your needs. But with PPI, it seemed that bank representatives were a little vague on exactly why this was. 

If you have been paying for a PPI policy, you may be surprised to find that it is not the product that you thought it was. Why not call Scottish PPI Claims to find out more?


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