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SCOTTISH PPI CLAIMS

Scotland Wide PPI Specialists

The Rise of PPI Compensation Claims

05 March 2018

The PPI deadline of August 2019 may seem a long way of but in reality, it isn't. Some PPI claims are straightforward, meaning that customers have the money in their account within weeks. But for others, the road to PPI compensation success is a lot longer. And so, with this in mind, isn't it time you claimed your money back?

Rise

The scale of mis-selling is staggering and with the announcement that the TV advertising campaigning encouraging customers to 'make a decision' regarding PPI is showing signs of success, how is it that we are at the point of PPI complaints still riding as high as they are?

Back to the mid-1990s

Consumer organisations raised concerns and questioned how and why PPI was being sold to customers.

As part of this, the financial regulatory authorities started to look in to how banks were selling this product to people too. These reviews and investigations took time - many years in fact.

It was an issue also raised in Parliament. Banks said the law was grey in this area, but others said the law was clear: customers did NOT have to buy anything other product alongside a loan.

By the end of the 1990s, not much had happened about PPI. It wasn't for another 10 years - 2007 to be precise - that complaints from consumers started regarding PPI, but the numbers were relatively small. It was not until 2010, that the whole mis-selling scandal began to take full effect.

The New Millennium - Banks Fighting Back

By 2011, the number of complaints regarding the mis-selling of PPI had reached 1 million but there were two factors that really made the PPI scandal famous all across the country;

  • There was a judicial review in January 2011 brought by the banks that challenged the ruling the PPI premiums should be paid back. The banks lost.
  • This put the PPI mis-selling scandal firmly on the agenda of the nation press and, before the banks knew it, the whole thing was spread across the front pages.

The resulting publicity meant that the 1 million complaints made by the start of 2011 soon mushroomed to over 6 million in 2012. Today, the number of complaints is bigger than anyone ever expected with over £27 billion returned to customers in the shape of PPI compensation.

How much could you claim?

Many people often ask this question and of course, until we know the full details of your case we are unable to answer this in full or with certainty but, breaking it down to what has happened thus far…

  • 1 in 11 customers received over £5,000 in PPI compensation
  • 1 in 38 received over £10,000
  • 1 in 99 customers received £15,00 or more
  • 1 in 239 customers received a whopping £20,000 or more

You could claim thousands in compensation but before you get your money back, you need to check you have PPI and lodge your complaint. And we can help! Contact us today.


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