6 Steps to PPI Compensation Success
Ever wondered if there is a secret to making a successful claim for PPI compensation? With thousands of people yet to make a claim, if you are one of them you need our 6-step process to making a successful claim for PPI compensation.
STEP 1 – Check for PPI
Check whether you had PPI applied to a loan, credit cards, car finance, store cards and so on and make sure you check loans etc. that have been paid off. If you don’t have the paperwork, contact the companies or banks involved.
Need help? Payment Protection Scotland can find out more information on your behalf.
Step 2 – Mis-selling
PPI was mis-sold to you if you were pressured into buying it and there are many other mis-selling reasons too, such as:
- It wasn’t made clear PPI was optional
- It was implied you needed PPI to be considered for a loan
- You were not eligible to claim due to being self-employed
- You were under 18 or over the age of 65 when it was sold to you
- The terms and conditions were not made clear to you
There could be other reasons too. Payment Protection Scotland can help.
Step 3 – Write your Letter of complaint
You need to tell the bank or lender you have PPI and the reasons why you believe you were mis-sold it.
You can do this yourself or Payment Protection Scotland can draft a letter, complete forms etc. on your behalf.
Step 4 – Complaints can be simple or complex
Many PPI compensation claims are straightforward but some can be more complex. For example, we work with customers who have IVAs and other debt-specific products. Although this doesn’t mean you cannot claim PPI compensation, what happens with the settlement will.
Step 5 – Gather as much information as possible
Once you have submitted your claim, we advise customers to carry on looking through paperwork and statements to gather as much information as possible, in case there is a query or the bank/lender refute your claim.
Step 6 – Response within 8 weeks
Your bank or lenders must respond within eight weeks. If they don’t, you can continue to chase them or submit your complaint to the Financial Ombudsman. You can also ask the Ombudsman to look at your case if you are unhappy with the outcome.
Payment Protection Scotland have helped thousands of people to claim their money back. With the average pay out around £1,800, it can make a real difference to your financial status. Imagine what you could do with a pleasant windfall of cash?
Call Payment Protection Scotland now for a no obligation chat about your PPI compensation claim.