Why do I have to prove PPI was mis-sold to me?

Why can’t they just give me my money back, if they know that I have been mis-sold payment protection insurance (PPI)?

It’s an interesting question and one that we get asked a lot. There are several strands to the answer so whilst you let our team work on your PPI compensation claim, why not find out why the burden of proof is on the consumer?

Consumer law and compensation claims

Consumer law and compensation claims for mis-sold items is something that has been on the statute books for many, many years.

Even though the bank may know they mis-sold you the policy, in order to claim compensation, you – the customer – need to show that you were mis-sold it. And this means showing them why too.

BUT, in the case of PPI, banks and lenders are being told by the Financial Conduct Authority that they need to be making an effort to contact customers, alert them to the fact that they have been mis-sold PPI and to make a claim.

Making it easier

The Financial Conduct Authority (FCA) is the regulatory body that monitors and keeps in check the behaviour of banks, lenders and financial companies.

Since the debacle of mis-sold PPI, they have had more powers given to them to deal with and, hopefully, prevent situations of this nature arising again.

They told the banks and lenders back in 2013 that they should write to all customers that they know or strongly suspect that PPI was mis-sold to.

These letters needed to look and feel like an authoritative letter, and not a marketing ploy for people to make erroneous or disingenuous claims.

*UPDATE the deadline for these letters is now close to passing and so if you have received a letter from your bank or lender, now is the time to make a claim.

The 2019 PPI deadline is ticking

The FCA announced in the summer of 2017 that they will be imposing a deadline for PPI compensation claims. Set for 29 August 2019, whether you agree with a deadline or not, it is now set firm and thus, if you try to claim after this date, you will be disappointed.

This deadline applies to PPI policies sold before summer 2017 and this means you!

How to claim

You can contact your bank direct or you can ask PPI Scotland to manage your PPI compensation claim on your behalf.

Payment Protection Scotland can help you make a claim and, even better, you are only a phone call away from starting your claim TODAY!

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