Explaining the Meaning Behind PPI Jargon
12 December 2016
Are you thinking of claiming PPI compensation? If you are, a
cursory internet search will reveal all kinds of do's and don'ts,
jargon and problematic tales that could make you doubt whether you
can make a claim.
We have made a list of the various terms and jargon used in
relation to PPI compensation claims and attempt to explain them so
you can clearly understand how and why claiming your money back is
- Claim management company - also known as a
CMC, Scottish PPI Claims is an example of a reputable claim
management company. This type of company helps customers to claim
money in a variety of situations, such as personal injury claims
and PPI compensation.We specialise in making claims for PPI
compensation and nothing else.
- Financial Conduct Authority - this body
regulates the banks and lenders. They were created because of the
PPI mis-selling debacle
- Financial Ombudsman Service - this is the body
that settles disputes between customers and financial companies
such as banks.They settle PPI claims where the bank or lender has
refused the compensation claim and the customer wants a second
- No obligation - this means that when you
contact Scottish PPI Claims, we don't tie you into making a claim
with us. Some people call for information but decide not to
continue with their claim - and this is just fine! There are no
consultation fees to pay etc.
- No, win, no fee - this means that shouldwe
fail to successfully claim PPI compensation on your behalf, you do
not have to pay us.If we are successful and you receive PPI
compensation, we will charge a fee. Please check with us what our
current fee is. There is no payment made upfront and no payments
- PPI - stands for payment protection
insurance.It is an insurance policy that many customers bought
because they believed that it would make repayments on their loans
such they be unable to do so due to loss of income, such as being
too ill to work and so on.
Pre-existing medical conditions - this means any medical
condition or conditions you knew you had when you were sold the PPI
policy. If you had a medical condition when you bought PPI, it
would not have been covered under the terms and conditions of the
policy. But, you were probably no aware of this when you bought it.
If you had tried to make a claim under the policy, it would not
have paid out.
PPI Claims to discuss your requirements.