CALL US ON: 01698 642013

Scottish PPI Claims Logo


Scotland Wide PPI Specialists

6 Facts About Claiming Compensation for Mis-sold PPI

04 December 2017

Finding the whole process of claiming compensation for mis-sold payment protection insurance (PPI) confusing? Or maybe you think you won't be owed any money…


Fact 1: You could be owed thousands of pounds…

The average claim is estimated to be £2,750. This is worked out by dividing the number of policies and the overall value of these policies, divided by the thousands of customers who are believed to have been the victims of mis-sold PPI.

This does not mean you are owed £2,750! You could win back less - some people claim hundreds of pounds - but others claim back tens of thousands of pounds. But you won't know if you don't try…

Fact 2: You will only know how much you are owed after you have contacted banks and lenders…

And that means any text messages, calls or emails you receive from companies telling you that you are owed £3,478.69p are phishing for business. No one knows how much you are owed until you give permission for your financial files and records to be examined.

Fact 3: NO ONE knows if you have a claim until certain facts are discovered

The staggering proportions of the whole mis-selling saga has led to an unfortunate reputation for PPI compensation claims: that is,everyoneis entitled to compensation. This may NOT the case as not every PPI policy was sold in error.

But, there are two nuggets of important information to remember: most PPI policies were mis-sold and with the courts deciding that there is also redress for undisclosed commission payments, you could be entitled to compensation.

Fact 4: 'No win no fee' claims is the best way forward

This means that you are not taking a financial risk with a company as they will only chase the claim on your behalf if you have PPI and if you have a claim for compensation. You only pay for their services if they are successful in claiming back PPI compensation on your behalf.

Fact 5: You can claim PPI compensation if you are in arrears

If you are behind with repayments on a loan, credit card, catalogue account etc., you can still make a claim for PPI compensation. And the bank or lender have to give you the money and not 'put it on account'.

The rules will vary in the case of IVAs, sequestration or bankruptcy: our team can help

Fact 6: You have until August 2019 to claim PPI compensation

You may think this is quote a way off and there is plenty of time but with more than half of people with a PPI compensation claim yet to do so, if we all think the same, it will make for a bottleneck of claims in August 2019!

Start your PPI compensation claim today by calling our expert, friendly team!