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Scotland Wide PPI Specialists

Your PPI Claim Explained

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?

Do you have a compensation claim for mis-sold PPI?

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.

Did you know…?

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.

If I have PPI, is compensation automatic?

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;

  • Being told or given the impression that the purchase of the policy was compulsory when in fact, the opposite is true
  • Not being told that the policy was being added to your account but receiving a letter to tell you that they were adding it
  • Even though you had cover, you were told that you must take out this policy
  • You were not told of the terms and conditions and the exclusions under these conditions
  • You were not told that any pre-existing medical conditions were not covered under the policy

There are many other mis-selling reasons too and we will be happy to help; why not contact us?