11 June 2018
For years, we trusted banks. We thought that when they offered us advice, that they were doing so because they had our financial interests at heart. The PPI mis-selling scandal has shattered that illusion.
So, why is it important to claim PPI compensation?
Claiming your share of PPI compensation sends a strong message to the banks, the banking and financial industries, as well as to powerful bodies such as the Financial Conduct Authority that this kind of behaviour is not tolerable.
And there are other reasons too.
By selling you PPI that either you did not need, want or were not covered by, banks made huge profits. This was the main reason fuelling the wholesale mis-selling of PPI over many years. They took your money to pay for a faulty product.
If you bought an item in a shop that did not work, you would take it back. The same principle applies here.
It is your money which they took in payment every month for a product not fit for purpose. To add insult to injury, the PPI that was added to your accounts also added significant debt to your accounts.
Many customers found that the PPI was added as a lump sum to their account, with interest being added on a monthly basis.
Not only did you pay for a PPI policy that was of little or no use to you, they charged you interest too!
The PPI that was SOLD to you was poor value for money.
With your home and car insurances, as well as other policies, you probably find that by shopping around on the Internet, you get better deals.
The same is true of PPI. You could have got much better deal offering far better cover!
Many people found that they struggled to make repayments on credit cards and loans and were offered consolidation loans by their banks to 'help' them.
At the time, what you may not have realised is that this policy added a lot of extra debt to your original debt.
Make sure you claim back every penny of your money. The bank or lender were not entitled to take the money from you.
Despite banks declaring over the years that the PPI compensation rollercoaster was 'ending soon', the collective bill is now running into billions, with more people expected to lodge a complaint with the pressure of a PPI deadline 2019 looming.
You can contact Scottish PPI Claims who, for a small fee, can help you claim back every single penny in PPI compensation.