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Scotland Wide PPI Specialists

The PPI Saga is Still Not Going Away…

16 January 2017

When the mis-selling of payment protection insurance (PPI) began back in the mid-1990s, banks and lenders thought it was a 'storm in a tea cup'.

It was some years, of course, before the first PPI compensation claims began to be made - January 2011, in fact - but just when you think the PPI scandal is fading to obscurity, up it pops again.

How the story started

Customers were becoming disgruntled paying for a product that they knew would not cover them should they attempt to make a claim on it.

Customers also did not like paying for something that made their loan or other credit product so much more expensive.

Other customers did not know they had PPI and here in lay the problem. Once the story broke and customers were advised to start making claims as the likelihood was they had been mis-sold the product, the claims started to trickle in.

Politicians were unhappy to that banks could seem to do what they want, with no one to hold them to account.

The banks persisted in burying their heads in the sand

Many banks and lenders knew that they held the balance of power but with increasing pressure and threats of further legal action, they slowly and somewhat reluctantly began to pay money back.

Or, more accurately, they made offers of settlements to customers. In the very early days, people were offered derisory amounts of PPI compensation.

Something changed

The banks no longer held the balance of power. With backing from regulators and consumer organisations, along with the informative power of the internet, the savvy consumer realised that they could claim back ALL their money.

But the banks were not coming quietly and forced the whole process to another judicial review. The odds were stacked against them. After hushed conversations behind closed doors, the banks gave in.

The huge flow of money FROM the banks TO the customer in the form of PPI compensation started.

There have been fantastic stories of ordinary people, cheated by banks, receiving huge amounts of compensation monies. People can pay off debts and afford the luxuries in life.

This could be you. But with a deadline looming, you need to make your claim sooner rather than later.

Scottish PPI Claims is here for you

With sensitivity, confidentiality and empathy, we will take your case to its logical and successful conclusion. Contact us today to find out how.