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Scotland Wide PPI Specialists

PPI - Essential Question, Valuable Answers

13 April 2015

The mis-selling of payment protection insurance (PPI) has left many customers with many questions, some of which remain unanswered. But, the questions are essential, with the answers invaluable as to why this situation arose and what can be done about it…

I have a PPI policy. Am I automatically entitled to claim compensation?

With so much written and talked about when it comes to PPI compensation, many people are under the impression that if they have the policy, they are eligible to compensation.

However, the policy itself, to a certain extent, was not at fault but rather the way it was sold to customers thus, assuming you have an automatic right to compensation is a false assumption. As the consumer you need to prove you were mis-sold the PPI policy and, with help from specialists such as PPI Scotland, you will have all the reasons at your fingertips.

What should I do if I believe I have been mis-sold PPI?

If you think you have a case for compensation, there are 3 options:

  • You contact your bank, telling them you believe you were mis-sold the PPI policy and tell them why you believe this is the case; you may need to complete a form or write them a letter
  • Your bank or lender could contact youtoo, so watch out for a letter from them, stating that they believe you have been a victim of mis-selling and inviting you to make a claim
  • Ask PPI Scotland for help. As one of the leading claim management companies, we have helped hundreds of customers make successful claim. This is a service for which we charge a fee.

What happens when a claim for PPI compensation is submitted?

When you have submitted a claim to your bank or lender, they have 5 days to acknowledge receipt, ten a further 8 weeks to respond as to whether they agree you have been mis-sold the PPI policy or to reject your claim.

If they reject my claim, is there anything more than I can do?

You can ask the Financial Ombudsman Service to look at your case. They are the body that deals with disputes between customers and banks. They have a huge PPI workload at present and, even though the rate of cases being referred to them is slowing down, the cases are becoming more complex and difficult to deal with. You will need to be prepared to wait for several months as they work through their caseloads.

Can PPI policies still be bought?

It is thought that the sale of PPI policies will shrink dramatically in the wake of the mis-selling scandal. There are a new set of selling guidelines which banks and lenders must follow, not just in the sale of PPI but in the sale of all additional policies and products alongside loans and such like.

Calling Scottish PPI Claims does not place you under any obligation to continue with a claim; why not give us a call?