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Scotland Wide PPI Specialists

PPI – Are There Pros as Well as Cons…?

23 February 2015

Payment protection insurance (PPI) rocked the financial industry here in the UK to its core. The biggest case of mis-selling ever seen, the banks and lenders here in the UK are now in the throes of paying back every single penny that a customers is entitled to claim.

Scottish PPI Claims

For some people, this may be a few hundred pounds - still a welcome windfall - but for others, this can be far more substantial. For one business woman, her PPI compensation monies figures around £84,000.

The product was NOT at fault, but the way it was sold to you was

On one hand, PPI can be a decent insurance product for a person to buy but, the scandal surrounding PPI focused on the fact it was the way it was sold to people that was the problem.

Customers were not always given the full facts about the policy; some customers were not told it was optional; some were not told that, like all other insurance products, they could shop around and get a better deal… the list could go on and on!

But, all this has led to the fact that the product itself has taken a bashing in terms of its reputation which begs the question, are there any pros to buying PPI or not?


  • The whole purpose of a PPI type policy is to ease repayment problems in the event a policy holder - YOU - are unable to make repayments on loans, credit cards or whichever product the policy is applied to.  
  • If you think that your employment may not be stable or that there are very little additional employer benefits to you, then PPI is worth considering (although some experts suggest that other policies may be more suitable - always seem independent financial advice before taking out any policy of this nature)
  • If your debts are bigger than any savings or assets you have, then PPI is a prudent move to cover your income. If you are unable to meet repayments, debts can soon spiral out of control.


  • Some policies will only cover a specific debt such as the PPI policies that many of PPI Scotland's customers were mis-sold and some people say, this makes it an expensive policy for the narrow cover it offers.
  • Some policies have a 'waiting period' and cannot be activated immediately if you are made redundant; e.g. you may have find 3 months' worth of repayments to make before the PPI policy kicks in.
  • Some PPI policies also only pay out for a short period time
  • If you are self-employed or retired, you will need to check terms and conditions carefully as many policies are specific with regard to employment and types of income.
  • Check terms and conditions thoroughly - some medical conditions are excluded, such as stress, pregnancy issues, depression etc. and some pre-existing medical conditions are also excluded.

If you think you were mis-sold PPI, then Scottish PPI Claims can help you claim your money back - so call us!