Facts and myths of PPI compensation
Payment protection insurance (PPI) is a product that was mis-sold to thousands of people. If you had a credit card, store cards or a loan of any kind in the late 1990s onwards, the likelihood of you being sold this product is high.
However, there are many myths that circulate about the product and how or why it was mis-sold, as well as ‘facts’ about claiming compensation…
If you have PPI, compensation is automatic
You could be forgiven for thinking this but this is a MYTH. However, that said, if you have PPI, unless you have a specific set of circumstances, the likelihood of you being able to claim compensation is quite high.
PPI is not a policy that fits all. It was expensive, it offered little cover and when it did, the claiming process was long and unfair.
It is true to say that the majority of people who have a PPI type policy from their bank or lender can claim their money back but, there are a small number of cases when this is not the case.
You need to prove it was mis-sold to you
In a sense, this is a FACT although to many people, it seems unfair that as the wronged party, the consumer must prove that the bank mis-sold it to them. However, this is laid down in consumer law, and this is the set of rules and regulations that govern compensation for mis-sold goods, including PPI.
But, there are many, many reasons that constitute mis-selling of PPI and thus, the probability of claiming your money back is high.
You cannot claim compensation for PPI is you agreed to it
This is a MYTH although for some people it is hard to understand why! PPI is an insurance policy that has a narrow set of terms and conditions. However, the way the policy was sold to some customers – hence they agreed to it – was that it was brilliant, fitting their needs exactly. In many cases, this was not correct.
Many people also agreed to the policy as they thought it was not optional, or they were told it would stand their application for credit in a better light, as they were takin steps to protect the loan and so on.
Again, all of these assumptions or suggestions are wrong. As a consumer of any financial product, you are not duty bound to buy any other product alongside the main one.
Payment Protection Scotland is a successful company in helping people to claim PPI compensation
This is a FACT. We assess each and every case as they come to us and so, we are highly successful in helping people claim compensation. Why not call us?