16 October 2017
Every day, thousands of customers across the UK receive a cheque in the post or find a lump sum in their account that is a compensation payment for being mis-sold the insurance product, PPI.
If you are yet to claim, you will be keen to find out more about PPI compensation. We have collated a few facts and ideas about how to claim every penny that is owing to you - but be quick as there is a PPI compensation deadline of August 2019.
Many people assume that it will be on their documents and paperwork for various accounts that they have PPI but, this is not always the case.
The reason why is simple: payment protection insurance is a generic name. In other words, it describes a product that promises or guarantees to make payments on a loan or debt on which it is secured, should you be unable to do so due to a loss of income.
Different companies and lenders gave their PPI products different names, so look for an insurance product that says it will make repayment if you cannot. It may say that it is a 'peace of mind product' that will help when rainy days happen.
Some store cards and catalogue accounts carried PPI insurance and were called things such as '[brand] card care' or similar.
Just because you do not spot the term or phrase PPI on the paperwork does not mean you do not have this insurance product. Check everything that is an addition to your account.
It was a product that was mis-sold on a gargantuan scale, which is why it is taking years to compensate everyone who was affected by the mis-selling scandal. Some commentators believe that just under half of people with an eligible claim for PPI compensation have made a claim, meaning that there is a long way to go before everyone has their money back.
Most media articles cover the substantial claims being made against banks - and quite rightly so as their compensation bills are now running in to billions of pounds - but some of smaller 'debts' can also have PPI added to them.
You may have a credit card, a store card with one larger high street business, a catalogue account or two and so on; PPI could have been added or featured in all of these accounts and when you have claimed your money back, you could have a welcome windfall.
Yes, you can. You need to contact all the lenders and so on, tell them you have PPI, inform them you were mis-sold it and you are now seeking compensation. They have eight weeks within which time they must respond.
Alternatively, you can ask Scottish PPI Claims to do all the hard work for you, from chasing down lenders to submitting claims and so on. Why not call us to find out more?