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Scotland Wide PPI Specialists

PPI-I Think I am Entitled to More…

19 January 2015

Payment protection insurance (PPI) is not a product that inspires confidence in consumers which, in all honesty, is unfair on the product! When applied in the right way, and when bought by the right people, it can provide excellent cover.


But, one problem the PPI policies that were mis-sold by the bank and lenders in the UK as the centre of the selling scandal was the fact that it was very expensive for the scant cover that it offered.

This reason was one that the various consumer organisations who first complained about PPI made to the banking regulatory authorities. Certainly, if consumers had been told to shop around, they would have found much better policies, offering superior cover for half the monthly premium they ended up paying!


Likewise, many customers had been paying PPI premiums for a very long time and this is one factor in how much you could receive back in PPI compensation. The majority of people will have been paying PPI premiums for many, many years before the mis-selling scandal broke.

But, how do I know that what the bank offers me, is the right amount?

This is an excellent question and you have a right to question the amount or offer that your bank or lender make you.

At the start of the compensation process, many banks were making, what are now considered to be, derisory offers. But, many customers back then realised that banks were pulling a fast one and so told the banks that they wanted every penny back that they had paid for an insurance product that they did not want or need.

Checking the amount

As a rough outline, the bank should be making an offer than includes:

  • The total cost of all premiums paid
  • Any interest you have paid on the policy being added to your loan or credit card etc.
  • Any fees or costs that were charges as part of administering the policy on your account

Premiums on credit card accounts were calculated as a percentage of the total amount outstanding each month, and so this may take a little more in terms of mathematical calculation!

Need help?

Some people feel that they don't have enough time or confidence, in many cases, to deal with a bank or lender, preferring a third party to act on their behalf. But, choose wisely!

As a claim management company, we have all the experience and skills needed to be able to help you make a claim for PPI compensation. Why not call us to find out more?