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PPI Compensation – what’s the catch?

There are so many clichés in life, from ‘there’s no such thing as a free lunch’ to ‘if it’s too good to be true, then it probably is’. When it comes to claiming compensation for mis-sold payment protection insurance (PPI), you can be forgiven for thinking that this too is ‘too good to be true’ and that there must be some kind of catch.

Surely, you can’t just receive a windfall of cash… for nothing?!

There is no catch

And here’s why…

It is actually your money that the bank is returning from you

First and foremost, the PPI compensation that you receive is your money that the bank took in error or took knowing that you had not been given the full facts about an insurance premium that wasn’t worth the money.

So the thousands of pounds deposited in your bank account was money you should have had all along…

The policy or policies were ‘knowingly’ mis-sold to you

You may not have realised it until now, but from the bank’s point of view, they knew that what they were doing was wrong. They had all your details, they knew you were too old/self-employed/had medical conditions/couldn’t afford it and so on, but they still sold you a policy that was of little, if any use.

PPI was expensive hence big compensation pay-outs

Many people choose to keep their PPI compensation figure under wraps but there have been some cases of some amazing compensation figures being awarded to customer. One customer received over £84.000 in PPI compensation.

Time also impacts on compensation payment levels

In the above case, the customer in question has two credit cards, both with sizeable debts and had had both accounts for a long time – and a PPI policy on both. The premiums she paid were high, frequently pushing her cards over their limit. As she was self-employed, she had a case for claiming her money back which she did, successfully too.

It costs very little to claim your money back

You can make a claim for PPI compensation yourself – all you need to do is approach your bank or lender. Other people prefer to engage the services of a professional and reputable claim management company, such as Payment Protection Scotland. With a long record of helping people claim PPI compensation, we are the people to have on your side BUT, we do charge a fee for this service – just ask us when you call.

Do you need help claiming PPI compensation? If you do, call Payment Protection Scotland right now to find out how we can help you.

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