4 Reasons Why People Choose Not to Make a PPI Compensation Claim
Some financial commentators believe that the number of people who have made a claim for PPI compensation is just the tip of the iceberg. With nearly 60% still to make a claim – and before the PPI 2019 deadline - the PPI compensation bill could more than double in the coming years.
But isn’t everyone claiming their money back? Are people choosing not to make a claim? Or are they unaware they could be owed thousands of pounds?
1. I won’t get much money back, so what’s the point?
There are stories of people claiming a few hundred pounds back, just as there are stories of people claiming back thousands – like the chef who won a staggering £120,000 in PPI compensation or the businesswoman who enjoyed a PPI windfall of £84,000.
In many ways, how much or how little you claim back is irrelevant. By claiming your money back, pittance or not, you are telling the bank or lender that you are a savvy consumer and will not be hoodwinked into buying something that was effectively useless.
2. It affects everyone else but me
This is incredibly common. And we understand why.
With PPI being talked about for years, it has become part of the daily landscape of life and thus, the stories of people claiming back thousands of pounds are almost too good to be true. It can certainly feel like a good luck story that happens to everyone else.
The truth is that PPI affected and continues to affect a large chunk of the population including YOU.
3. PPI – I didn’t buy that kind of insurance
Are you sure? PPI on credit cards was added at the time you bought it because the opt-in box was already ticked – and that was placed at the end of the very long set of terms and conditions. If you read every word of those and the terms and conditions of the PPI policy, we think you were unlikely to have bought it.
Our suggestion? Check all your paperwork again.
4. It affects my credit score and all my other creditors will come chasing
We work with people who are in arrears as well as those customers who are part of an IVA agreement. Your debt advisor can help you with what you need to do with any PPI payment but no claim affects your credit score and no bailiffs will come calling in relation to your PPI compensation claim.
Why haven’t you make a claim for mis-sold PPI?