PPP- Claim back what is yours!
Claiming compensation for mis-sold payment protection insurance (PPI) is not just about claiming your cash back, it is about exercising your consumer rights. And here’s why this exercising of claiming PPI compensation is important…
It sends a clear message to the banks, the financial sector, regulatory bodies and the Government
When the scandal of the mis-selling of PPI broke, people were, at first, dubious this was a widespread problem.
Banks and the financial sector were sceptical and when the first PPI compensation claimants submitted their claims, they were made ‘offers’ of compensation. In some cases, this was as low as £500 when the true amount of compensation the customer was entitled to was thousands of pounds.
And customers refused these offers, demanding instead to be compensated fully. This meant claiming their money back and with interest.
By claiming your money back, you are being clear with the bank and the government that riding roughshod over consumer rights is not acceptable practice by anyone, least of all the banks.
It is an issue about trust
For many people, making financial decisions that are good for them is based on knowledgeable advice given by banks. Many people trusted their bank, relying on their professionalism and expert knowledge to guide them when times were both financially difficult and good.
Consumers made a basic assumption that they could trust their bank, a brand that some people had been loyal to for not just a few years but for decades.
Banks and lenders effectively abused this trust. This exploited this not as a positive relationship but one in which the customer was essentially vulnerable to rogue practice. They told you that you needed PPI, that you must have and it was the best policy for you – when it clearly wasn’t.
And It didn’t stop. They did this over and over again, to thousands and thousands of customers.
You need the money!
Is there anyone who can afford to give away a large chunk of their income?
We doubt it and this is why of all the reasons to claim PPI compensation, this is probably the main one. It is your money that the bank took from you under what were essentially, false pretences.
They spun you a story, they told you that PPI would be the insurance policy that in the event you were too ill to work or made redundant etc., would kick in and make the repayments on your credit card or loan for you. This would be the policy that would save you from financial hardship.
But it wouldn’t. Find out why by calling Payment Protection Scotland.