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Scotland Wide PPI Specialists

Was PPI Suitable for you?

01 February 2016

It does seem a logical argument - when you borrow money, you want to protect repayments and the lender wants to protect their money too. Payment protection insurance (PPI) was the product that did this… or so people thought.

Thousands of customers were mis-sold PPI. As an insurance product, PPI had specific and limited cover meaning that for many people, PPI was simply not suitable.


 If your suitability had been objectively assessed, then you would not have been sold the policy in the first place.

For example, if you are self-employed or older than 65, then PPI was not the right policy for you. But, the banks and their staff had their eye on another prize: profit and commission.

They did not have your interests at heart, rather they were focused on their own.

Checking your eligibility for cover by PPI is basically providing you with the reasons you need to make a claim for PPI compensation.

Low pay-out rate

PPI also had one of the lowest pay-out rates, with only 15% of claims made being successful. Car insurance, on the other hand has the highest pay-out rate, with over 80% of claims being successful.

Medical conditions

Some medical conditions were also excluded. If you were on sick leave when you took out the PPI policy or had a pre-existing medical issue and tried to make a claim, the PPI provider would be unlikely to pay out as 'existing medical conditions' are excluded under the policy terms.

Hours of work

Many PPI terms and conditions also stipulate the minimum numbers of hours a customer should be working on a regular basis before they are eligible to make a claim too. This was not always made abundantly clear to customers.

Consolidation loans

Some customers choose to consolidate their debts and do so by purchasing a bigger or extended loan. In many cases, the loan provider will issue a new loan - and a new PPI policy will be issued. This clearly adds to the debt of the customer and can make the debt problem worse.

Start your claim today!

Many customers have been surprised to learn that they had a PPI policy on their loan, credit card or mortgage because they don't recall agreeing to it.

We can help you claim your money back. PPI was mis-sold to thousands of customers and with the average pay out being around £2,750 - some customers claim back much more - it pays to make a claim.

Contact Scottish PPI Claims right now!