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Scotland Wide PPI Specialists

Facts and Fiction About PPI

05 December 2016

The PPI compensation saga has been rumbling on for many, many years with the first claims for compensation starting the ball rolling in 2011.

As a result, over time, all kinds of facts and fictions circulate about PPI and thus, we aim to clear up any confusion with the latest facts and information about claiming your money back.

Fiction - You said yes to the policy, so there is no basis for compensation

We are astounded at the number of people we talk to who believe that because they agreed to buy PPI, that they are not entitled to claim their money back, assuming that their agreement meant that it was not mis-sold.

But, if you bought a kitchen appliance but were not told it was broken, you would still claim your money back. Just because you agreed to PPI, does not mean you cannot claim compensation.

Fact - You need to claim your money back from the bank BEFORE you complain to the Financial Ombudsman

The Financial Ombudsman is the body who resolve disputes between the customer and banks, lenders or other financial companies.

As well as processing complaints relating to PPI, they also deal with complaints about other financial products such as insurances of all kinds, packaged bank accounts and many other products.

They are inundated with complaints regarding PPI claims. But you need to approach your bank or lender first. If they say they will not pay compensation, you can ask the Financial Ombudsman to look at your case.

Fiction - Everyone is entitled to PPI compensation

Unfortunately, this is not the case. Even though PPI was mis-sold on a whole scale basis - 34 million policies were sold to thousands of people over the course of many years - in avery small minority of cases, PPI may have been suitable.

However, if you have PPI, we advise anyone to make a claim as in most cases, customers ARE entitled to their money back.

Fact - Scottish PPI Claims has flat-fee for all PPI compensations (big and small ones!)

There are some PPI compensation claims that take many months of arguing back and forth to resolve. There are other claims that we help customers with that take a matter of weeks and are straightforward.

You need the peace of mind that no matter how much work we do on your behalf, that you are not going to be left with a big bill at the end of it. That's why we offer our services on a no win, no fee basis and our fee structure is simple: we have one flat-fee, no hidden extras, no other bits. Simple.