19 September 2016
Payment protection insurance (PPI) is now firmly entrenched in British banking history as the most mis-sold financial product of all time. Any future contenders to this title will have a significant challenge on their hands to beat the twists and turns of this mis-selling saga.
There are many dark clouds on the PPI horizon - will everyone claim their money back before the June 2019 PPI deadline? Are customers due more as a result of undisclosed commission payments? - but there is one significant issue that still catchers many customers unaware: PPI scammers.
Not all companies purporting to be PPI experts are anything of the kind. They are opportunistic people who have decided to prey on people who want to claim their money back after being mis-sold PPI.
They are looking to make a lot of money and do so quickly.
They operate in all kinds of ways but common factors are:
Avoiding claim companies that promise or guarantee to get you PPI compensation is easy… but only when you know how.
Here's our guide to avoiding stress and scams, but still claim your PPI compensation:
I. Make your PPI compensation claim yourself - banks and lenders are no longer being stubborn and unhelpful regarding PPI compensation. Quite often, on their website will be a section dedicated to PPI claims. Simply log on and fill out the details.
Other banks and lenders have different ways of doing things, so always check how you submit a claim for PPI compensation.
II. Avoid companies that 'promise' or 'guarantee'success - because there are no guarantees! Even though PPI was mis-sold to thousands of people, not everyone will be due compensation. It is likely you are entitled to your money back but no company or firm will know this until they examine your case in detail.
III. Avoid those that say they already know how much is owed to you - you may have seen this in texts sent to you. These messages are designed to hook and reel you in. No one can know you are due £1874.56p unless they have all your details,which they don't.
IV. Look at online reviews - if people are happy with the service they receive, they will often say so via online forums or review sites. If they receive bad service, they will make their feelings known too! Check independent review sites online, and ask you friends and family too.
V. Call Scottish PPI Claims - as we are a leading claim management company specialising in PPI compensation claims!