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Scotland Wide PPI Specialists

Is Claiming PPI Worth It?

11 July 2016

I've heard of friends who claimed compensation for mis-sold PPI only for them to find a few hundred pounds returned to them. I'm not sure it is really worth it, especially as I have to do all the work telling the bank why I should have my money back!

There are stories in the press of people being refunded phenomenal amounts of money in terms of PPI compensation. It makes sense that these good news stories are the ones that we hear about.

These stories should spur us on to make a claim, something that many people have done. But the amount they received was a lot less.

Average Compensation

There is also a lot of press time given over to the average pay out for mis-sold payment protection insurance (PPI) being £2,750. This too, has led to some confusion.

This is not, as some people believe, the minimum amount they will receive. This is an average figure, calculated by dividing the number and value of mis-sold PPI policies with the thousands of customers who are victims of mis-selling; in other words, this is not a fixed amount. You could receive much more or much less than this average figure.

Every penny counts

There is a saying look after the pennies, and the pounds will look after themselves. And to a certain extent, this is true so even if you do only receive a few hundred pounds in PPI compensation, it is worth claiming every penny back…

  • Don't let the banks get away with poor behaviour

In essence, claiming back your money is about showing the banks and the financial sector as a whole that as a customer, you will not tolerate behaviour that flagrantly abuses your rights as a customer. You trusted your bank to do the best by you, assuming that they had you best interests at heart and yet they repay this loyalty by mis-selling a product to you that you didn't need - and to top it all, it was over-priced too!

  • It may not be a life-changing amount but IT IS YOUR MONEY

It may not be the tens of thousands that you dreamed it would be but a few hundred pounds can go a long way in making a difference to your current financial situation. You could pay off a loan early, make a lump sum payment off your credit card, enjoy a shopping spree or take a short break away from it. It doesn't matter what you do with it or how much PPI compensation is owed to you, the important fact is that it is your money that the bank had no right to take from you.

  • It might be more than you think

Scottish PPI Claims have helped hundreds of people to claim the PPI compensation to which they are entitled. And, it might be more money than you think that us sue back to you so find out in one phone call to Scottish PPI Claims.