The definitive ‘how to’ guide to successfully claiming PPI compensation
Read a lot about claiming compensation for mis-sold payment protection insurance (PPI)? Worried about making a claim? Not sure how to do it? Take a look at our guide to making a claim…
Know how you bank or lender is operating when it comes to PPI compensation claims
PPI was mis-sold on a gargantuan scale. The compensation pot is now double the size of the budget that the UK spent on hosting the London Olympics in 2012. The bill is running into billions and although the rate of compensation claims is beginning to slow down, the compensation bill is still going up.
As a result, many banks and lenders have set up a specialist PPI ‘wing’ to their businesses. You may find a whole section on their website that tells you how to claim, or special numbers to calls, along with PPI compensation claim forms.
You can include a letter of complaint with your form too, giving the bank more detail on how you believe the policy was mis-sold to you.
Be clear on why you were mis-sold the policy
Some customers assume that there is only one reason why they would have been mis-sold PPI. It is true to say that one reason is enough – this constitutes a mis-sale – but you may feel that there are many reasons why you mis-sold it. Make sure you include all that apply but here are some common mis-selling reasons:
- You had a pre-existing medical condition that you assumed was covered by the PPI policy
- You were not told of all the exclusions under the terms and conditions meaning you felt you were protected when, in fact, you were not
- You were given the impression you had to buy it or that by doing so, you were more likely to be successful in your loan application
- You were not aware that you had bought PPI – for people who opened credit card accounts online, for example, the box for PPI was already ticked, not something you may have noticed at the very end of the long terms and conditions
There are many other reasons too – find out more, by calling us.
Be confident that you were mis-sold PPI and you aware of your rights when it comes to compensation, when it must be resolved by and so on.
For example, the bank has to respond to you within eight weeks of you submitting your complaint.
Ideally, you want the whole thing resolved in 12 weeks. Payment Protection Scotland can’t make the problem be resolved any quicker but we can help you stake a good claim to PPI compensation – and check you are getting the right amount.