The Meaning Behind PPI Jargon
Are you thinking of claiming PPI compensation? If you are, you need to start making your claim as soon as possible because the August 2019 PPI deadline is not far off. If you are confused by the jargon, however, you need this guide.
We have listed the various terms and jargon used in relation to PPI compensation claims and attempt to explain commonly used PPI terms so that you can understand the ‘how and why’ of claiming your money back is important.
- Claim management company – also known as a CMC, Payment Protection Scotland is an example of a reputable claim management company. This type of company helps customers to claim money in a variety of situations, such as personal injury claims and PPI compensation. We specialise in making claims for PPI compensation and nothing else.
- Financial Conduct Authority – this body regulates the banks and lenders. They were created because of the PPI mis-selling debacle. It was called the Financial Services Authority but changed its name when it was given more powers to hopefully stop anything like the PPI saga happening again.
- Financial Ombudsman Service – this is the body that settles disputes between customers and financial companies such as banks. They settle PPI claims where the bank or lender has refused the compensation claim and the customer wants a second opinion.
- No obligation – this means that when you contact PPI Scotland, we don’t tie you into making a claim with us. Some people call for information but decide not to continue with their claim – and this is just fine! There are no consultation fees to pay.
- No, win, no fee – this means that should we fail to successfully claim PPI compensation on your behalf, you do not have to pay us. If we are successful and you receive PPI compensation, we will charge a fee. Please check with us what our current fee is. There is no payment made upfront and no payments ‘on account’.
- PPI – stands for payment protection insurance. It is an insurance policy that many customers bought because they believed that it would make repayments on their loans such they be unable to do so due to loss of income, such as being too ill to work and so on.
- Pre-existing medical conditions – this means any medical condition or conditions you knew you had when you were sold the PPI policy. If you had a medical condition when you bought PPI, it would not have been covered under the terms and conditions of the policy. But, you were probably not aware of this when you bought it. If you had tried to make a claim under the policy, it would not have paid out.
- Settlement – this is sometimes used as another way to describe PPI compensation. A settlement is an offer of compensation. We check that what you are offered is the correct amount.