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Scotland Wide PPI Specialists

PPI Jargon-Buster!

31 August 2016

Claiming compensation for mis-sold payment protection insurance (PPI) should not be difficult but sometimes, the words and jargon used can be confusing. We explain some of the terms you will come across and what they mean;

  • Letter of complaint- when the PPI compensation saga first came into the public domain in 2011, many banks were not pleased at the prospect of paying thousands of pounds in compensation. To claim your money back, you had a write a letter of complaint, detailing why you felt the policy was mis-sold to you. Today, many banks and lenders have forms that you complete, in some cases making it easier to claim PPI.
  • Deadline- there has been a lot of talk recently relating to a deadline. By this time, anyone with a claim for PPI compensation should have made their case to their bank or lender. The FCA has announced it could mean all cases need to be resolved by June 2019.
  • Financial Conduct Authority- the FCA is the body that regulates the banks. It monitors what they are doing and how they are doing it. If they are not following the strict rules, the FCA can fine the banks, lenders and other financial companies it regulates.
  • Financial Ombudsman Service- FOS has been very busy too with PPI compensation claims. This is the organisation that looks at disputes between customer and bank. They deal with all kinds of products and issues, not just PPI. Before you contact FOS for help, you have to approached your bank first.
  • Financial Services Authority- the FSA was the regulatory body that was around when the PPI scandal broke back in 2011. Many people believe that the PPI mis-selling scandal would not have happened in the FSA had had more power at the time. It does now, but is now known as the FCA.
  • 'Which?' - this is a consumer organisation that protects and promotes consumer rights. They first raised the possibility of mis-selling of PPI, it's poor value and so on back in 1998. They persevered with their research, finding that 2 million people had been sold PPI when they would be unable to claim on it. They also found that 1.3 million people bought PPI believing it would help them get the credit card they had applied for.
  • Redress- this is a word that is sometimes interchanged with compensation. It means the same thing; if you have been mis-sold PPI, you are entitled to redress. In other words, you can claim your money back, fees, costs and interest too.

If you think you have a claim for mis-sold PPI, then you need the right people on your side. Contact Scottish PPI Claims today!