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Scotland Wide PPI Specialists

Do I Have a Claim for PPI Compensation?

30 March 2016

If there is one question that we are asked on a daily basis, it is this one: Do I Have a Claim for PPI Compensation? We do, of course, need some more details from you but, in the vast majority of cases, we are able to tell people that they are entitled to compensation.

Confirming you have a PPI policy

The first step we take is to confirm that you do have a payment protection insurance (PPI) policy. This was an insurance product that was commonly sold alongside credit cards, loans, store cards, catalogue accounts, car finance and in some cases, mortgages too. However, with mortgages, the rules for protecting the account against default are somewhat different.

Once we have this information, either from yourself or by asking for details from your bank or other financial company, we are able to discuss in more detail how you were sold the policy.

Reasons for mis-selling

There are many reasons why a PPI policy could have been mis-sold to you:

  • You were self-employed and it was not explained that there were narrow terms and conditions relating to when a claim would be successful - it was hard to make a successful claim, regardless of whether you were self-employed or not but it was especially difficult if you ran your own business.
  • You were aged over 65 years of age when the policy was mis-sold to you - you were unlikely to have been covered by the policy over the 'retirement age'.
  • You worked part time - in many cases, PPI policies did not cover part time workers who worked less than 16 hours a week
  • If you were a student - again, PPI policies did not cover students or anyone who was considered 'economically inactive'
  • You were given the impression that it was compulsory to buy PPI
  • You were given the impression or told that buying PPI would cast a more favourable light on your application for a loan, credit card and so on
  • It was added to your account after you had secured the loan - in many cases, this was an automatic addition with no consent sought from customers
  • You were advised to buy the policy, but were not given specific reasons why and you were not given these reasons in writing

Making a claim

Once you have a firm idea that you have PPI and why you were mis-sold it, you need to contact your bank or lender and tell them you were mis-sold the policy - and you want your money back.

In most cases, PPI compensation cases run smoothly and are quickly and easily resolved. Some others take more work. Scottish PPI Claims can help you claim PPI compensation, no matter how complex your case. Contact Scottish PPI Claims today!