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4 Steps to Claiming PPI Compensation

You may have seen adverts in various places about claiming compensation for mis-sold payment protection insurance (PPI). From sponsored adverts of social media sites such as Facebook, to claim management companies advertising on TV to those annoy, spam text message you receive, there appears to be information everywhere about how easy it is to claim thousands of pounds in compensation.

Unfortunately, some of this information can be mis-quoted or manipulated to make something appear better than what it is. In the case of PPI compensation claims, information is construed to give the impression that everyone is entitled to claim to compensation, everyone will get thousands of pounds and the process is also automatic: you just need to say that you want your money back.

In some ways, it is a simple process… but only when you know how so follow our quick, step-by-step guide to get your money back:

Step 1 – Paperwork

Every account you open, from a credit card to a personal loan, in which a bank or lender lent you money could have PPI attached to it. What can make your claim much easier is having the evidence to hand that you had PPI on your accounts.

Don’t forget to check all accounts as you may find that you have more than one claim.

Step 2 – Contact your bank or lender

If you cannot find any paperwork or original documentation, you can call your bank or lender asking if you have PPI on your account.

In some cases, the bank may have already contacted you and will need to act within three years of the date of the letter. Try to claim after this deadline, and you will find your claim falls on deaf ears.

If you do have PPI, you will need to tell the bank why you believe you were mid-sold the policy.

Step 3 – State your reasons why PPI was mis-sold to you

There are many reasons why the policy was not only mis-sold but unsuitable for you. If you are unsure, contact PPI Scotland for more information.

Consider your age, whether you were working more than 16 hours a week, if you have an existing medical condition, was it made clear, for example, that this was not covered by the policy?

Step 4 – Await the decision

Once you have submitted your claim, the bank or lender has a certain timeframe within which time they must respond to you, either by reimbursing you or telling you why you do not have a claim.

With most people however, having a claim for PPI compensation that is successful is something that is more than likely. So stake your claim today with Payment Protection Scotland.

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