The quick PPI claim guide from Payment Protection Scotland
You don’t always want to be downloading and ploughing through documents to find out the basics of how and why you should make a claim for mis-sold payment protection insurance. Here, we have created a super 1 minute guide to claiming compensation…
- PPI is the biggest financial scandal to have EVER hit the British banking industry
- It did not affect just one bank, but all the major banks, banking groups and lenders in the UK, including the well-known and most trusted high street banks
- The compensation bill is mounting on a monthly basis, costing the bank around £20 billion thus far… and counting
- A conservative estimate is that as many as 1 in 5 people who were sold PPI are eligible to claim it back; some people dispute this figure as being too low and that the real figure is much higher
- Many customers were not – and many more are still not - aware that there were sold the policy in the first place; this is because some lenders just added it to your account!
- You are highly likely to have PPI is you every bought a credit card, store card, loan and, in some cases, a mortgage
- Since 2001, 34 million policies were sold and one of these could be yours!
- Since January 2011, there 14 million complaints have been received about the sale of PPI and this figure is not going to slow down any time soon, or so analysts predict
- Banks have set aside billions to compensate customers, with many banks having to add more to the pot
- Many claims for compensation were rejected unfairly by the banks with the Financial Ombudsman Service looking in to these cases; currently, they are finding in favour of the customer in seven out of 10 cases
- If you don’t have the paperwork, the lender by law must tell you if you ask them if you had PPI on your account
You could claim AGAIN!
In August 2014, the Financial Conduct Authority (FCA) revealed that some banks had unfairly rejected or paid too little in compensation to customers and, as a result, two and half million cases were to be reviewed.
This could include your case and so, if you have received compensation but wondering if you could be entitled to more, why not contact Payment Protection Scotland to find out more?