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Scotland Wide PPI Specialists

PPI Questions and Answers

21 August 2017

This PPI mis-selling saga seems to have gone on forever now. Is there an end in sight?

The payment protection insurance (PPI) mis-selling and subsequent compensation sage has been rumbling on since around 2009 when the need for compensation was first introduced by the law courts.


The PPI deadline of August 2019 has signalled a possible end to PPI compensation but with so many twists and turns in the story, who knows what will happen?

How big is the PPI saga?

The London 2012 Summer Olympics cost less to stage than the amount that has been currently paid back to customers, in total. PPI compensation is now standing in the billions and will rise as more claims are made before August 2019.

Why are so many cases ending up with the Financial Ombudsman Service (FOS)?

FOS is the body who decides the final outcome in disputes involving the consumer and the banks. In some instances, banks try to protect their profits by not paying back the right amount of compensation. In some cases, have been denying perfectly eligible claims for PPI compensation.

The customer can once again complain to the bank, but if their answer remains no, then the consumer is perfectly entitled to take their case to the FOS.

What does the FOS do when they get a case?

They look in to the case, from listening to voice recordings and examining paperwork, to the circumstances of customers when they were sold the policy. Currently dealing with a huge case load of PPI complaints, FOS are taking around 12 months to process individual cases. But in most cases, they are finding in favour of the customer.

Are people are getting their money back?

Yes, they are but it would be dangerous to assume that claiming back PPI compensation is 'easy' and that FOS will automatically find in your favour.

They will take into consideration what the bank is saying, and what you say. Even though PPI was a poor product sold at a high price to customers, there were some customer who did opt for PPI, with the terms, conditions and exclusion explained to them. This is rare, however, but if you were legitimately sold the product you will not get compensation.

How long does it take to claim PPI compensation from my bank?

It can take between 8 to 12 weeks or, if referred to the Ombudsman, it can take months to get a successful resolution to your claim. Why not let Scottish PPI Claims handle your case?