With the announcement of a PPI deadline of August 2019 and the beginnings of a marketing campaign to encourage customers to make a case for PPI compensation if they want to, many people are concerned that will open the doors to spam texts, cold calls and more from less-than-reputable claim management companies.
This is what you need to know.
You know the type of text because you have probably received one or two or maybe more...
“Our records show you are entitled to £4,562 in PPI compensation! Reply INFO or stop”
PPI was widely mis-sold to customers and has become the biggest mis-sold product within the financial industry. The scandal of PPI mis-selling which started to rumble in the mid-1990s, has shaken the financial sector to its core, with no bank or lender being untouched.
As a result of the PPI mis-selling scandal another industry was created. Not everyone welcomed the development of claims management companies, whereas other people see them as a welcome tool for customers to use.
The key terms are ‘professional’ and ‘reputable’
There are some companies out there who do send unsolicited or spam text messages. But if you receive one are at tempted to claim the thousands of pounds owed to you, be aware that;
- No firm has access to your personal financial details or records and thus, the compensation figures they have sent to you is no more than a string of meaningless digits.
Other less-reputable compensation firms also attempt to persuade people to make false claims, hoping to gain financially themselves.
A professional claims management company, like Payment Protection Scotland, do not send unsolicited text messages to anyone. All our customers contact us through our website. Neither do we make vexatious claims – in other words, if we don’t think you have a claim, we will not take your claim any further.
Your Payment Protection Scotland Compensation Claim
The idea behind PPI is simple and still valid, despite the huge mis-selling. In the event of you being unable to work due to illness, accident, redundancy or death, this insurance policy should have covered the repayments on your loan or credit card.
What the banks didn’t tell you was it was a complex and drawn out claim process, with less than 15% of claims resulting in a pay out under the PPI policy. And that was for the minority of customers who were covered by it.
The PPI deadline of August 2019 is on the horizon and with only an 18-month window left to make a claim for PPI compensation, many people are worried this will lead to an influx of claims that will clog the system.
Find out if you have a claim – call our friendly team for a no obligation chat. You could start your claim today using our no win, no fee PPI compensation claim service too.