07 September 2015
There is possibly no-one left who cannot heard of the most complained product in British banking history: payment protection insurance (PPI).
And yet, there are still many people left who are yet to make a claim for compensation - are you one of them?
The first thing you need to do is check if you have PPI. You do this by taking a look over all your paperwork or any other documentation. You are looking for an insurance policy that promises to make repayments on the account in the event you cannot do this due to a loss of income.
PPI is a generic name used to describe the insurance policy that protects the debt. Different banks and lenders called them different name. For example, if you had a store card with a high street retailer, you may find that the PPI was called 'card care' and so on.
Unfortunately, compensation is not automatic and so you will be expected to make a complaint to your bank or lender.
Banks and other financial institutions were told that they must write to their customers who they know had PPI, and invite them to make a claim.
You may have received this letter and possibly a form too. This does mean that you were mis-sold PPI however!
Confused?! You needn't be!
In very rare cases, PPI was an OK product but, there are many other products that were better value, offered better cover that was tailored to people's circumstances.
You are still required to tell the bank or lender that you have PPI and that you think you were mis-sold it. You will need to them why you think you were mis-sold the product, and Scottish PPI Claims have a whole list of reasons but some include;