14 November 2016
Some time ago, there was a statistic released that suggested only 40% of people who had a claim for payment protection insurance (PPI) had done so. With the PPI deadline of June 2019 on the cards, there was discussions as to why people were not claiming their money back.
There were several reasons put forward. One was apathy.
In other words, PPI was now so familiar that people assumed it was a good news story - people receiving sizeable financial windfalls - that affect everyone else but them.
There is also a theory that there is a large group of people who are simply unaware that the PPI mis-selling debacle affects them.
This is because PPI was added to some products without the consent of the customer. If you applied for a credit card online, the opt-in box for PPI was already ticked. In other words, you were unlikely to check the small print of the policy and realise it was not the best fit for you.
But there is a third theory as to why some people are possibly not claiming PPI compensation - they think that because they agreed to the PPI policy at the time of sale, that they do not have a claim for compensation.
The truth is, even if you did agree to buy PPI, it is still possible it was mis-sold to you. And here's why;
Were you given the impression that you had to buy PPI? Or maybe the impression given was that the PPI policy and the loan went hand-in-hand? In other words, to get the loan, you needed to buy PPI too.
There are many people who agreed to buy PPI because they were given the impression they had to, they should do or they needed to.
When you buy a loan or credit card etc. you don't have to buy any kind of insurance policyfrom the bank.You are free to shop around, compare policies and buy the one that suits you. Buying insurance is not - and never has been - a pre-requisite for applying for a loan or credit card etc.
Were you told what a great policy PPI was? Were you told that should you be unable to keep up with repayments because your income dropped that PPI would step in and make the repayments for you?
But, were you told that the policy only paid out in 15% of cases? Did the bank representative tell you that to make a claim, the process was complicated, complex and drawn out over a long period of time?
The truth is this - even if you agreed to PPI, you were unlikely to have been given all the facts on which you could make an informed decision for yourself.
You could have a claim for PPI compensation so contact Scottish PPI Claims NOW!