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Scotland Wide PPI Specialists

The BIG PPI questions

25 May 2015

"I remember a call from the bank and it sounded a good idea. But, do I still have a claim?"

In this mini-series of PPI questions, we focus on some of the BIG concerns that relate to the how and why people claim compensation when the payment protection insurance policy was mis-sold to them.

Scottish PPI Claims

In many cases, the problem was not the policy itself but the way in which it was sold. Many claims for compensation as based on policies that were sold to customers a long time ago. Memory has a habit of dulling and fading over time but, you could still have a claim.

The banks and lender know who they sold PPI policies to…

The banks, lenders and other financial companies in the UK would like us to believe that some of these claims are for policies sold so long ago, that no one really knows who had PPI and who did not. This is not the case and the various regulatory organisations of the financial industry know this.

Thus, if you feel you cannot claim because your memory is a little vague, you are unsure of the details and so on, then take heart because you bank or lender does know if they sold you a PPI policy or not.

The questions that were and, more importantly, the questions that were not asked…

PPI is a policy that suits some people although, the policy offered by the banks and so on was so narrow in its terms and conditions that only a few people would benefit; in other words, the thousands of customers who 'bought' the policy on their advice, were buying something that did not suit them.

There are many reasons why this policy could have been unsuitable for you:

  • Were you asked about your employment status?

Those that were self-employed, retired or unemployed at the time they were sold the policy would have faced major issues in making a successful claim.

  • Were your asked about your health and any prevailing issues?

PPI did not cover existing medical conditions hence, the most likely condition from which you would be unable to work would not be covered.

There are many more, which is why you need to call Scottish PPI Claims!

Were you given the impression you were being advised to take out the policy?

There is a fine line between presenting a financial product as a viable option for a customer and advising them to take the policy. In terms of advice, this is when the representative told you what a great product it was for you and why buying it, was also a great thing to do.

If you have been paying for a PPI policy, you may be surprised to find that it is not the product that you thought it was. Why not call Scottish PPI Claims to find out more?