CALL US ON: 01698 642013

Scottish PPI Claims Logo


Scotland Wide PPI Specialists

How do you Score When it Comes to PPI Compensation?

08 February 2016

There is so much written about PPI that it is easy to think that you know everything about the subject but, there can be conflicting information about payment protection insurance (PPI) and your quest for compensation.

#1 To claim PPI compensation you need to:

  • Do nothing
  • Submit a claim to your bank
  • Sue them for compensation through a solicitor

If you do nothing, you will receive nothing and so this is not an option is you are serious about claiming your cash back. The use of a solicitor is not necessary either unless they are offering a service similar to claim management companies. There are some business customers who use their solicitors to make a claim as there are times when it can be complex. You make a claim for compensation by submitting your claim to your bank, so the answer is b).

#2 To have a successful claim for compensation, you need to:

  • Tell the bank why you are entitled to compensation
  • Nothing, the bank will do it all for you
  • Have the original paperwork

There is no doubt that having the original paperwork can be beneficial in telling the bank that you have PPI and that you want compensation. However, banks are required to copies of loan agreements and so on for a number of years thus, they could tell you if you have PPI. If you do nothing, you will receive nothing but you will need to tell the bank why you believe the PPI policy was mis-sold to you.

#3 The amount of compensation you could receive depends on:

  • How much you ask for
  • What the bank thinks you are entitled to
  • The amount that puts you back to the financial position you would have been in if you had not been sold PPI in the first place

Compensations varies from one case to case as there are many factors and variables. PPI compensation is not a set amount and will be paid in accordance with compensation rules; in others words, the bank must compensate you the right amount which will be measured against the financial position you would have been in, if they had not sold PPI to you. This is why any fees or charges that relate to the policy being added to your account are also reimbursed. The answer, therefore, is c).

To make a compensation claim for mis-sold PPI you can write to your bank or lender yourself. If you prefer, you can engage a professional and reputable claim management company to do it on your behalf - contact Scottish PPI Claims now.