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Scotland Wide PPI Specialists

PPI – What Were you Told?

01 December 2014

As part of the PPI compensation claim process, customers need to provide the bank, lender or financial institution with reasons as to why they are entitled to their money back, after paying for a PPI policy for years and years.

Some people find this difficult and not surprising when you consider that some people had no idea they had been 'sold' the policy… they only discovered it on their account after spotting it on their account paperwork!

There are a whole list of reasons why you should claim back PPI compensation and below, we highlight some of the most common reasons for being mis-sold PPI:

  • Compulsory or optional

No bank or lender can force or compel you to buy any additional policies or insurances alongside a loan or other credit agreement. However, it seems a responsible and prudent decision to make, protecting repayments on your loan in the event in the event you were unable to do so.

However, what the banks did not make clear was this:you could have shopped around for other, better value and better priced PPI policy.

  • More likely to be accepted

Some representatives working for the bank or lender, either via the phone line or in a branch, sometimes gave the impression that this wide and prudent move of protecting their repayments would stand their application in abetter light for approval.

And who wouldn't opt for this? But again, you could have shopped for a better policy and technically, this should have also shown how responsible you were when it came to financial matters.

(Some customers already had or still have income protection policy which performs a very similar function to PPI…)

  • Terms and condition: the exclusions and narrowness

It is now agreed that this type of policy offered customersvery little in terms of coverand, even if you were eligible to make a claim under its narrow terms and conditions, you were unlikely to succeed with your claim. PPI policies paid out in less than 15% of claims submitted.

For example, the terms and conditions excluded pre-existing medical conditions (the most likely ailment that you prevent you working…) and some illness were also excluded under its terms; for example, 'bad backs' were not covered, neither were mental health illnesses.

If you were self-employed, the policy also dictated that in order to have a successful claim you would need to cease trading; a reaction that seems over-the-top should you be expected to fully recover from your injury or ill-health.

Can Scottish PPI Claims help?

Yes we can. And all you need to do is call us…