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Scotland Wide PPI Specialists

5 Facts Claiming PPI Compensation in 2018

25 June 2018

Many myths continue to circulate about claiming compensation for mis-sold payment protection insurance (PPI).


Here at Scottish PPI Claims, we don't deal in myths but in facts. Here we have collated a five to help you in your quest for PPI compensation.

I. The PPI deadline is only 12 months away

The PPI deadline has been set for 29th August 2019 at 11.59pm.

The Financial Conduct Authority (FCA) is taking a more conciliatory tone with banks and financial institutions, who have long campaigned for a deadline to be imposed for PPI claims.

The FCA announced the deadline in the summer of 2017 and a year of this timeframe has already slipped by. More people have submitted their PPI compensation claims. Will you?

II. There is a time limit on making a claim

If the bank or lender has written to you, suggesting you may have been mis-sold PPI, you havethree years from the date of the letter within time to make a claim for compensation.

Some banks will also tell you that the account will need to have been active within the last six years. This means you must have made a payment or used the account at some point.

There are cases where customers have claimed their money back on accounts that were closed, or older than six years but, these are more complex cases.

You can claim PPI compensation on an account for the length of time that the account was active.

III. Banks have to deal with claims in a reasonable time frame

When you contact a bank with your claim, they are expected to make some kind of response within eight to twelve weeks. If they don't, they can be fined.

In most cases, compensation claims are resolved quickly because the mis-sale was obvious. In other cases, it can take far longer.

IV. Compensation claims are becoming more complex

It would seem that in recent months, compensation claims for mis-sold PPI policies are becoming more complex. However, this should not put you off.

It is the Financial Ombudsman Service (FOS), the body that arbitrates on disputes between customers and financial companies, that have noted compensation claims being referred to them are more complex.

Even if your claim is deemed to be complicated, it is no reason to be denied compensation!

V. You can spend your windfall on what you want!

If this sounds appealing, why not contact Scottish PPI Claims today to start your claim for PPI compensation?