CALL US ON: 01698 642013

Scottish PPI Claims Logo


Scotland Wide PPI Specialists

How Will PPI Compensation Claims be Affected in 2017?

26 December 2016

As you read this, you are probably enjoying the festive season. Spending time with family and friends, preparing for Hogmanay.

As we bid farewell to 2016, many of us cannot help but look back at the year just gone with a sense of nostalgia and rose tinted spectacles. But we also look forward to the coming year.

We can be excited at what the New Year can hold but we can be anxious too. How different will life be this time next year?

Hopefully, the coming year will be full of exciting, delightful things. But there is one worry that most people have: money.

Shaky economy

The domestic economy has been full of bumps over the last few years. Businesses have failed, people have found their income squeezed and life has taken on a very different look. For example, most car drivers know put a fixed amount of fuel into their cars, no longer simply filling the tank.

Budgets are tight but 2017 could be the year that this all changes. This could be the year that you claim the PPI compensation you are entitled to.

How to claim PPI compensation

Payment protection insurance (PPI) was a policy that promised to make repayments on a loan etc. if you were unable to do so should you be too ill to work, or if you lost your job.

PPI was debt-specific meaning it applied to the loan against which it was secured and nothing more. Thus, you could have more than one PPI policy.

So far, PPI sounds a good idea but it had several fundamental flaws;

  • Expensive - for the low level of cover PPI offered, it was very expensive, often adding 10 to 25% more onto the cost of a loan
  • Complicated - if you did try and make a claim for compensation, you would be disheartened to find that to claim could take up to 12 months
  • Limited cover - and when you did get through the complicated claim process, you may find that you were not entitled to claim because you were not covered by the policy
  • Mis-selling - the way PPI was sold was also wrong; people were not given the information they needed to make the right decision for them

How Payment Protection Scotland can help

Some people prefer to use a claim management company to make their PPI compensation claim on their behalf and this is why they turn to us, here at PPI Scotland.

With a few forms to complete, we can start working on your case immediately and, with luck, you can be enjoying your PPI windfall sometime in the spring!