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Scotland Wide PPI Specialists

The Factors That Make PPI Claims a Success

03 May 2016

Payment protection insurance (PPI) is infamous as being the product that holds the dubious accolade of being 'the most mis-sold financial product in the UK, ever'.

Hardly a mantel to be proud of and yet, it is a saga that has run and run. With a PPI deadline of 2018 possibly signalling the end - there has been no firm announcement yet - many customers are realising that the writing could be on the wall and that they need to make a claim for compensation now - or risk never getting their money back.

Making a claim for mis-sold PPI does not mean instant or automatic success. To make a successful claim, there are certain things that all need to come together…

a)  Do you have a PPI policy?

This is the most obvious place to start. If possible, you need to find the original paperwork or some kind of documentation that show you have a PPI policy or policies on loans, credit cards, store cards, car finance and so on.

If you cannot find it, then all is not lost. Contact the bank or lender, tell them you had or have PPI on a loan etc. and you want a copy of the details. You may also be able to find this via credit reference agencies too.

b)  The selling situation

Just because you have PPI doesn't mean that it was mis-sold to you. The good news is, however, that in the vast majority of cases it was mis-sold therefore, making a claim should be a priority.

You will need to tell the bank or lender why you think the policy was mis-sold to you. For example, you may not have been told it excluded all known medical conditions which meant for you, as you may have a medical condition, that you were not covered when you thought you were.

Struggling to understand mis-selling reasons? Contact Scottish PPI Claims for help.

c)   A clearly stated, confident case

Once you have evidence of a PPI policy and once you understand why or how it was mis-sold to you, you know need to tell the bank, clearly and confidently, why you should receive PPI compensation.

You will need to look at how your bank wants to receive this information. It could be through submitting a detailed letter to their PPI compensation team, or it may be through completing an online form. Give as much information as you can, as well as elaborating on the reasons why you believe the PPI policy was mis-sold to you.

Some people can feel a little overwhelmed or confused by the process. Other people struggle for time and others just prefer using a reputable and professional claim management company such as PPI Scotland to handle their claim for them - call us!