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Scotland Wide PPI Specialists

No More Myths! The Truth About PPI

05 February 2018

The PPI mis-selling scandal has come with its own fair share of myths and untruths. It is important to understand what they are as they could impact on your claim…

Fact Myth

Myth 1 - PPI was compulsory/part of a package/ a great buy

Wrong on all three counts. The idea behind PPI is simple; as an insurance policy it would cover repayments on your loan should you be made redundant, unemployed, be unable to work due to ill health, in other words, a loss of income.

It didn't work like that because it was a policy sold to people who were not covered by the policy's terms and conditions. And no, you didn't have the buy the banks own PPI - you can shop around and get a better deal.

Myth 2 - The banks don't know the customers they sold PPI to

The wave of PPI compensation claims that started as a trickle back in 2011 soon became a seemingly non-stop tidal wave of claims. This has caught out the banks who assumed that no one would really bother.

But customers have and are continuing to be awarded compensation to the collective tune of several million pounds each month across all major banks and lenders in the UK. And yes, banks and lenders do know who they sold PPI policies too, so don't be put off by that nonsense

Myth 3 - coming to a claims management company is a waste of time

There has been a lot written in the media regarding claims management companies from clogging the system with disingenuous claims to charging huge fees. But some financial experts have pointed out that if it wasn't for the advertising and information given out by reputable claim management companies, some people would not have known they had a claim for PPI compensation.

This information will become even more important not that a PPI deadline of August 2019 has been set. We charge a fee for our service, which we don't hide in the small print, we are upfront and honest about the service we offer, and the cost of these services.

Myth 4 - if the bank says they don't owe me anything, there's nothing you can do about it

No, not true. Many customers have found that by insisting the bank look again, that they are awarded compensation. And with the majority of customers who take their complaints to the Financial Ombudsman being awarded PPI compensation, you soon get a clear view of what is happening here.

Myth 5 - I have loads of time to make a PPI compensation claim

No, not really. At the time of publishing there is only an 18-month window of opportunity left for customers to claim the compensation they are entitled to. And that means you need to act especially as less than half of the people with a claim for compensation are yet to make theirs. Don't leave it too late