Do you need help claiming PPI compensation?
On the face of it, the marketing and promotional hype around claiming compensation for mis-sold payment protection insurance (PPI) make it sound simple and very easy. You tell your bank you have PPI and they give you our money back.
In essence, it can be that simple. Banks know that they have mis-sold millions of policies to thousands of people and, with a changed attitude over the last few years, banks and lenders now want to be seen to be doing the right thing – hence, if there is no need to quibble, they will settle a PPI quickly and with minimal fuss.
But it isn’t always like that.
Are cases becoming more complex?
The Financial Ombudsman Service, the body that sorts out arguments between customers and financial companies about financial products, are very active in terms of payment protection insurance (PPI) at the moment – and have been since the scandal broke! They are dealing with about 250,000 PPI complaints every year.
They have noticed that the cases they are dealing with have changed from those that they were looking at many years ago, when the PPI mis-selling scandal first broke. They say that the cases they are looking at are now more complex but, they say, they are still finding in favour of the customer most of the time.
The case of commission
In 2014, there was a ruling in a court case about commission and how much was paid to brokers or representatives who sold the policy. One customer felt very disgruntled that of the £5,000 or so she had paid in premiums, the lion’s share of it went to the broker. She argued that if she had known this, she would have questioned the premium rate.
What this means is this – the customer was not questioning whether the policy was right for her (it may have been) but, she was not aware of the large commission paid on the sale of the PPI product. This large commission made the policy very expensive.
And this is the type of complexity that is now beginning to be seen in PPI compensation cases. This doesn’t mean that your case will be complex and drawn out, or that it will need to be referred to the Financial Ombudsman but it is worth being aware that not all PPI compensation claims are a case of asking for the money back.
How Payment Protection Scotland can help
We are with you for the whole journey, whether that is a PPI claim that takes a matter of weeks, or a more complex one that takes a few months to resolve. With this in mind, knowing that we are with you every step of the way no matter how long or short the journey, is great news for you.
Call Payment Protection Scotland today to find out more about our great service.