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Scotland Wide PPI Specialists

Take the PPI quiz

10 August 2015

Think you have a handle on the PPI crisis? Find out how much you know with our simple and quick quiz.

Qu.1 There is a deadline for claiming compensation of…

  • 3 months
  • 6 years
  • None at all

It depends on what is meant by deadline. There has been talk recently of a deadline being set that applies to people making compensation claims but, the regulators so far seem unwilling to set a date by which all cases must be submitted.

In relation to accounts, in most cases the account needs to have been active within the last 6 years, thus b. is the answer. However, the PPI saga is such that there have been instances of claims being made of accounts that were very old.

Qu.2 In order to claim PPI compensation, you need…

  • All paperwork, including the original agreement
  • None at all
  • A list of reasons why it was mis-sold

The answer is b. as you don't necessarily need paperwork as such, as your bank or lender should be able to tell you if you had PPI or not. Regardless of what they say, the majority of banks do have electronic or digital copies of loan agreements and so on. As for reasons for mis-selling, there are many and these are all things that we can help you with.

Qu. 3 You can claim PPI compensation if…

  • You were retired or self-employed at the time it was sold to you
  • You tell the bank you want your money back
  • You do nothing

If you do nothing, you will claim nothing back as compensation payments are not automatic. You can tell the bank you want your money back but, you do have to give them reasons as to why you think you were mis-sold the product. Therefore, the answer for this question is a. Likewise, there are many other mis-selling reasons, including not knowing that the policy was sold to you in the first place.

Qu.4 PPI protected…

  • All of your debts
  • Just the one it was applied to
  • To income

One of the criticisms of PPI was that it is narrow in what it covers. It covers only the debt to which it is applied, therefore the answer is b. However, the premiums were expensive for the meagre amount of cover that it offered hence, say many financial experts, income protection is a better policy to buy in to.

Have you claimed PPI compensation yet?