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Scotland Wide PPI Specialists

PPI Facts

22 June 2015

Everything you need to know about making a compensation claim for mis-sold PPI

With so many myths, facts and 'helpful' information circulating regarding making a claim, we thought we would set out some facts so that you know exactly what to do:

  • You don't need paperwork

For many people, the paperwork and original agreements for the loan, credit card and so on are long gone. You may have moved house, for example, and the information is gone.

You can check directly with your bank or lender about whether PPI was added to your account or not. At the start of the claiming process, banks were not so keen to give out this information but now they have realised they need to gain the trust of customers, thus the attitude is very different.

  • Compensation means 'placing you back in the financial position you would be in, if you have not been sold the product'

And this is why the sum of compensation varies from one person to another. In recent months, it has been shown that not all banks have been doing this. For example, some customers when they exceeded their credit limit as a result of a PPI payment were then 'fined' or charged a fee for doing so. Some banks have not been paying this back as part of the compensation claim.

They now have to rectify this, paying any administration fees and charges back to customers.

  • If they say no, there is nothing else you can do

The mis-selling of PPI was done on a huge scale and thus, there are many thousands of people across Scotland entitled to claim their money back.

Some cases are more complex than others as there may be a few handful of occasions when PPI was a suitable policy. However, these cases are few and far between and thus, if the bank say no - or the case on contentious and complex - it can be referred to the Financial Ombudsman Service.  This body regulates on all financial disputes between the financial sector and the customer, not just PPI.

  • It is a long, stressful process

Not necessarily. By using a highly reputable company such as Scottish PPI Claims, you can carry on with everyday life, unaffected by stress, tensions or a mountain of paper work to do with making a claim. We can do everything for you, from checking with companies that you have PPI (we will require your permission to do this), followed by submitting and chasing claims.

Don't delay any longer. Contact Scottish PPI Claims today to discuss your case.