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Scotland Wide PPI Specialists

A Common PPI Myth – No Paperwork, No Claim

03 January 2018

There are many myths about the payment protection insurance (PPI) mis-selling scandal. A common myth that still circulates is this:

No Paperwork, No PPI Compensation Claim

With the PPI compensation deadline set firmly for August 2019, it is important that all myths relating to how and who can claim PPI compensation are laid to rest. And this 'no paperwork, no claim' myth is probably stopping many people from getting their money back.

Option 1: Look again!

Not many people keep all the paperwork for all accounts, especially if the accounts are now closed. But, looking again to find any piece of useful information that either you or Scottish PPI Claims can use in claiming back your money on your behalf would be a distinct advantage.

Account numbers, for example, are very useful.

Option 2: Contact the lender

In the early stages of the whole PPI mis-selling debacle, banks and other lenders were unwilling to help customer by giving them the information they needed to claim their cash back.

Attitudes have changed and, with the various consumer organisation and regulatory authorities chomping at their heels, financial institutions are realising the error of their ways. In other words, they are now giving this information to consumers more readily than previously.

They may charge you a fee for doing this but in most cases, they are now doing this as part of their compensation process.

Option 3: You receive a letter

Some time ago, banks and other lenders were told by their regulatory authority that they needed to alert customer that they may have been mis-sold PPI.

Many people will know have received this letter and if you have, you should use this opportunity - whether you have paperwork or not - to ask for PPI compensation if you are entitled to it.

Some financial bodies have included forms with these letters, which they invite their customers to complete and send back to them. This notifies them that you believed you have been mis-sold PPI and that they need to look into this, providing you with an answer, with explanation.

Option 4: Credit rating agencies

There are various credit rating agencies that gather and keep the financial information that is used to provide you with a credit score.

Some of these agencies also keep records and details of any loans that you may have had in the past, including some of the details of the package such as interest rates and other financial products you bought alongside the loan, including PPI. There is a fee for this service.

Scottish PPI Claims can help you too! Why not call us to find out more?