SHOULD you be claiming PPI compensation?
It seems that everywhere you turn, there is an advert, poster or other marketing material telling you to claim compensation for mis-sold payment protection insurance (PPI). In fact, you can be forgiven for getting fed up with the adverts and marketing drive!
Familiarity may breed contempt but, it is important that you understand why these adverts are still appearing, years on from when the scandal of mis-sold PPI first broke.
It is because there are still thousands of people yet to claim, even though they have a genuine and eligible claim!
Are you sitting on thousands of pounds of your money and NOT claiming it back?
The truth is, this could be very much the case but, thankfully, more and more people are realising that they have a claim – and are making it!
Shouldn’t my bank or lender contact me?
In the first instance, the banks and lenders were reluctant to flag up the issue of mis-sold PPI and thus, they were not so happy about giving back people’s money; after all, their profits would be hit hard.
However, back in 2013, there was a ruling from the Financial Services Authority – now known as the Financial Conduct Authority – that told banks that they needed to write to customers who they knew had a genuine claim for PPI compensation.
And so technically, your bank or lender – or any other financial company that you had a loan with – should write to you at some point.
But, I don’t recognise the company writing to me? I don’t think I had an account with them?
This is a good point. You need to remember that in some cases, credit cards, banks and other companies were either off-shoots of the main bank or, have been bought out by banks and lenders over the years.
You may never have banked with Lloyds Banking Group but, as one of the biggest banks in the UK, they have many different ‘brands’ under their umbrella.
Read all the information carefully and, if you are still unsure whether the letter is genuine or a marketing ploy, contact us here at PPI Scotland.
I’m reluctant to use a claim management company, as I have heard so much negative stuff about them.
We understand this reluctance and like all professions and industries, there are also ‘rogue traders or dealers’ who upset the status quo; remember that one bad apple does not mean the whole cart is rotten.
We set ourselves high standards here at Payment Protection Scotland and have one aim – to help you claim back your money after being mis-sold an insurance policy that was of little value or use to you.
We do charge a fee for our service, something that we have never hidden from public view. For our latest rates, why not have a chat with our friendly team?