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Scotland Wide PPI Specialists

PPI Claim Myths

20 February 2017

Ever wondered if you everything you read about PPI and compensation claims is true? Find out hereā€¦

If you knowingly bought about the insurance, you can't make a compensation claim

Successfully claiming back PPI lies around proving you were mis-sold the insurance on your loan or credit card etc.

One mis-selling technique, for example, was that banks implied PPI was mandatory. In other words, you had to buy it in order to get the loan. Thus, many people knowingly bough the product by signing on the dotted line. But this is unfair selling and one that can be put right by claiming compensation.

There is a central PPI database, so I should get an automatic refund

There is no such thing but this tactic has been used by less reputable cold-calling companies to lure people into making a claim with them.

We do not engage in this type of activity and the information they have is marketing information they have paid for. This consists of name and phone numbers and nothing more.

Your bank or lender is NOT allowed under the Data Protection Act to give away or sell sensitive financial information about you. So, if someone calls you telling you they already know how much you are owed, you know that this is not true.

It is a lot of hassle for very little compensation

If you don't try, you'll never know!

Thousands of people in Scotland and all across the UK had loans or credit cards with several of the high-street banks and lenders.

Check all paperwork and statements and you may be surprised to find you have some form of payment protection insurance (it may be called something else other than PPI). 

Some customers have had to insist that they get their PPI compensation but the majority of customers were given their PPI premiums back, quickly and with minimum fuss. The majority of claims are usually settled within 8 to 12 weeks.

No paperwork means no claim

Not necessarily. If you had a credit card account, paid it off, then cut it up, you can still look to make a claim. Many people do not keep loan paperwork once the loan has been repaid; this doesn't matter.

Call us and we'll talk you through the options.

Making a claim is reflected badly on my credit rating

Making a PPI claim does not adversely affect your credit rating at all.

If you have been mis-sold PPI then you are entitled to compensation and will not affect your relationship with your lender, even if you still have the current product with them.

Frankly, it could be PPI premiums that put your account in arrears in the first place.

To discuss your claim, contact Scottish PPI Claims today for a no obligation, no pressure chat.