29 May 2017
The payment protection insurance (PPI) mis-selling fiasco has led to several annoying things to happen - unsolicited phone calls and annoying spam texts.
You know the type, because you have probably received one or two, maybe even more over the years that the PPI compensation saga has been running…
"Our records show you are entitled to £4,658 in PPI compensation! Reply INFO or stop"
PPI was widely mis-sold to customers and has become the biggest mis-sold product ever in UK financial industry history.
The scandal of mis-selling - usually a commission based product for customer advisers - has shaken the financial sector to its core, with no bank or lender being untouched by the saga.
As a result of the PPI mis-selling scandal, another industry was created - the claim management company (CMC). For many critics, the claim management company is not a welcome development. To others, they are welcome and are happy to pay a fee for professional help in claiming PPI compensation.
There are some CMCs who do send unsolicited or spam text messages.
But this is what you need to know:
A professional claims management company, like us, do not send unsolicited text messages to anyone. All our customers contact us through our website and neither do we make vexatious claims - in other words, if we do not think you have a claim, we will not take your claim any further.
The idea behind PPI is simple and still valid - in the event of you being unable to work due to illness, accident, redundancy or death, this insurance policy should cover your repayments on your loan or credit card.
Banks and lenders offered this product on specific products but it was mis-sold by banks and lenders to a millions of customers. The policy rarely paid out when people needed help.
PPI was not explained fully and was of little, if any benefit, to most customers, such as those retired, self-employed or with pre-existing medical conditions.
Do not be swayed by spam text messages! If you think you have a PPI compensation claim then contact Scottish PPI Claims. We can talk you through the whole process and don't forget, you are under no obligation to continue.