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Scotland Wide PPI Specialists

PPI Questions - October 2014

16 October 2014

There are so many questions about PPI compensation that it is difficult to answer them all! However, we have collated a few here that we think will be helpful for all out customers…

Q. I have PPI on my credit card, which I agreed to and so I am unsure if I have a claim for PPI compensation. However, at the time I took out the card, I was self-employed although I now operate as a limited company. Do I still have a valid claim?

Payment protection insurance (PPI) was mis-sold in so many different way that, even though there are long lists of proven mis-selling reasons, on occasions, it does come down to individual cases and circumstances.

In this case, the successful conclusion to the case would lay in the fact of whether the bank knew you were self-employed at the time they sold you PPI on your credit card. In most cases, the bank or lender would have known, as they would have performed cursory checks to satisfy themselves that you could make repayments on the credit card.

We would need to look closer in to the case, as the likelihood is that you would be entitled to PPI compensation and we would be happy to help!

Q. I have a bank account that is permanently over drawn and I have since discovered that some of the 'fines' I paid for late payments etc. was down to the bank taking out PPI premiums. I have read that I may be able to claim back these late fees and fines too - is this a possibility?

This has been in the headlines recently as a claim management company brought it to the attention of the authorities that banks were still picking and choosing what they compensated in terms of PPI payments. Many customers did suffer from additional fees and fines being added to their accounts as a result of high PPI premiums being paid.

The Financial Conduct Authority and the Financial Ombudsman Service have said that banks and lenders must compensate customers back to the financial position they would have been in if PPI had not been added to their accounts. Following this line of thought would suggest that you do have a case for claiming these fees back as part of your PPI compensation claim, however, you would need to discuss this with us in full - why not call us?

Q. I have no idea if I was mis-sold PPI! The whole interview and process was a complete blur when it came to the loan that I took out with the bank and I admit, I just signed what was put in front of me…

This is common when it comes to claiming PPI compensation; be assured you are not the only customer who feels this way!

The mis-selling of PPI highlighted that the whole process of selling additional products at the same time as a loan etc. was not good practice. People often felt confused into signing, so much so that the sale of PPI to customers became part of the whole process; representatives were no longer pointing out it was a separate product and that it was not compulsory.

The fact you have no idea that you were being sold it, means it was mis-sold and you could have a valid claim for PPI compensation!