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Scotland Wide PPI Specialists

PPI ‘Quick Fire’ Questions

03 April 2015

Sometimes, the questions customers have regarding possible claims for PPI compensation are quick questions that do not need such detailed answers. Here, we have gathered together some quick fire question regarding the pursuit of compensation for mis-sold payment protection insurance…

How far back can a claim be made? I had a car loan a few years, with PPI - will the bank contact me?

The bank may contact you as they are being 'advised' by the Financial Conduct Authority to do so. The easy rule for PPI compensation claim is that if the loan was active in the last 6 years (that is, you were making payments on it), then you could claim. However, there are always exceptions to the rule so if you have a case, why not make a claim?

We have a £7,000 personal loan with Lloyds and were mis-sold PPI on it. How much compensation would we be entitled to?

Without knowing all the details, it would be difficult to be completely accurate but between £1,500 and £2,000 would be a guesstimate.

I am still paying for a PPI insurance product on my credit card with a well-known high street store that also offers banking facilities. I don't recall agreeing to it; do I have a claim?

It seems that you may well have a claim for PPI compensation. With this in mind, why not contact us to see if we can help you with your claim? The first call you should make is to the credit card company telling them to stop taking PPI premiums from your account!

I have an EGG credit card, can I claim?

Yes you can. EGG was one of the companies fined in the past for slow payments etc. so always worth striking while the iron is hot.

I have been made bankrupt, can I still claim compensation for mis-sold PPI?

Yes you can, although there are circumstances that you will need to be aware of; for example, you may not receive compensation, if you claim is successful, as the money may be used to pay off your debts etc. Cases of debt and bankruptcy when seeking PPI compensation need not be complicated but it pays to get thorough advice on the best way to proceed.

We bought a new car through a financial firm who told us that PPI was essential or we couldn't have the car. Is this mis-selling?

It sure is! The purchase of PPI has never been compulsory!

I closed my credit card and paid it off. Could I still claim?

Whether the account is closed or not is irrelevant. You can claim compensation for mis-sold PPI if it was actually mis-sold to you and the policy was active in the last 6 years.