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Scotland Wide PPI Specialists

Thinking of Making a Claim for PPI Compensation?

15 February 2016

6 facts that you need to know BEFORE you make your claim

The account will need to have been active within the last 6 years

This means, that you made payment of some kind onto the account which had or has PPI attached to it. It may be possible to claim on accounts that are older than this, or have been closed for some time. The only issue is that unless you have proof that you had PPI on these old accounts, the bank may not have the evidence either. This will make claiming PPI compensation harder but not impossible.

2 If you have PPI, the chances of it being mis-sold to you are high

This does not mean that everyone is entitled to their money back or that PPI compensation is automatic. It does mean that claiming your money back should be a possibility and with the right help and advice, this could be the case.

You will need to tell the bank why you believe you were mis-sold PPI

This can be anything from you did not know you had the policy, to being given the impression that the purchase of the policy was compulsory. If you need more help with claiming PPI compensation and building a cases, contact Scottish PPI Claims.

4 Banks have a timeframe within which time they must respond

Some banks have been fined large amounts of dragging their feet over responding to their customers' claims for PPI compensation. Your bank must make some form of response to you within 8 to 12 weeks of receiving your letter of complaint. This may not mean the matter is resolved within this time, however.

You CAN take your claim further if the bank say no

In the early days of PPI, customers were told that if the bank said no, that without fresh evidence the Financial Ombudsman Service (FOS) would not take on the case. FOS will look at every case that is referred to it about PPI and any other financial product you have an issue with.

6 PPI pay-outs will vary from one case to another

The PPI compensation figure of £2,750 is often used in marketing and advertising campaigns, leading people to believe that this is how much they will receive. This is an average figure based on the number of policies sold, they value and the number of customers they were sold to across the country. You could receive PPI compensation which is less than this figure, or much, much more.