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Scotland Wide PPI Specialists

Re-cap – how and when to make a claim for PPI compensation

09 November 2015

With all the recent talk of a PPI deadline possibility being imposed in 2018, many people are once again looking to see if they have a claim for mis-sold payment protection insurance (PPI).

As this is the case, we have decided to re-cap on how to make a claim, what is involved and so on.

WHEN can I make a claim?

We suggest making a claim for compensation, if you have PPI and you believe it was mis-sold to you, as soon as you possibly can. It does not take long to do and is now a fairly straightforward process.

HOW do I make a claim?

The first step is to check to see if you have a policy that is of the PPI family. Don't forget that PPI was a generic term too, in other words it is a phrase used to describe an insurance policy that promised or guaranteed to make repayments on the account if you were unable to do so.

In exchange for this cover, you would pay a premium each month. There were some policies that were charged as a lump sum at the start of a loan although financial experts believe that the majority of customers affected by this have been compensated.

This does not mean that there are some customers still with compensation claims for single-fee PPI policies.

Look for any kind of insurance policy, either paid monthly or upfront that promises to make repayments in the event that you cannot due to ill-health and so on.

Proving the policy was mis-sold

Many people worry about this as they assume that they will have conjure a legal argument as to why they were mis-sold the policy.

There are many reasons why it could have been mis-sold to you - did you know you had it, for example? Did you know that some aspects were not covered, such as some illnesses etc? Were you self-employed when you took out the credit card/loan/policy?

Letting the bank know you want compensation

This is not a token gesture of cash; it is a legal process by which the bank or lender must put you back in the financial position you would have been in, had they not sold the PPI policy to you.

Still unsure? Need help?

Why not contact Scottish PPI Claims? We have helped thousands of people to claim the compensation that they are entitled to after being mis-sold PPI. Call for more information today.