Payment Protection Scotland
PPI Claim Scotland reclaims mis-sold payment protection insurance for customers throughout Scotland.
Do you have PPI on your loan?
Loan payment protection insurance, also known as payment protection insurance (PPI) is an additional product, sold alongside loans as well as other financial products, to customers. The idea behind the insurance policy is for it to cover any repayments that you are unable to make as a result of you being unable to work due to illness, redundancy etc.
Is there a problem with my PPI policy?
Not necessarily but thousands of customers were mis-sold the policies, and are now making PPI compensation claims which are leaving the banks with compensation bills running into billions of pounds, in some cases.
From 2006, the purchase of PPI or this type of premium from the bank is no longer compulsory. You were allowed to shop around and get a better deal – like many savvy customers do when it comes to car or house insurance. However, the banks and lenders failed to tell their customers this and so many people were bamboozled into buying a financial product that was not only useless but, when it did offer some kind of cover to the customer, was of incredibly poor value. In fact, some policies were around £90 a month in premiums, with the same level of cover being offered by another insurance company for £18 a month.
How do I know if I was mis sold payment protection insurance on my loan?
Firstly, you need to check that you have PPI on your loan account – as with all other accounts you may have as PPI was not just applied to loans (PPI Claim Scotland can help with these claims as well).
Once you have determined that there is PPI on the loan, you will need to cast your mind back to when you were sold or applied for you loan. There are a number of factors that relate to the mis-selling of PPI on your loan or other products;
- The cost of the policy was not made fully clear to you – PPI often added significant debt to loans
- You were unaware you had taken out payment protection insurance policy on your loan
- You already have a payment protection insurance or income protection type policy with another provider
- The bank or lender implied that it was compulsory to take our their income protection policy
- The terms and conditions of the policy were not explained clearly to you – there are significant exclusions to PPI cover
In making a PPI compensation claim on my loan, how much can I expect to receive?
This will depend on several factors such as how much you borrowed and over how long, as well as how the PPI premium was calculated on your loan. Some early examples of PPI were known as single payment policies where the customers paid the premium in one lump sum upfront.
Other policies worked as a monthly premium; on credit card it was applied as a percentage of the outstanding monthly balance which for most people would vary from month to month.
PPI Claim Scotland will take the time to carefully calculate how much PPI compensation you are entitled to on your loan, as well as on other financial products. Why not give us a call and talk through how much you could be owed in PPI compensation?
If you live anywhere in Scotland and would like to make a Payment Protection Scotland claim- contact PPI Claim Scotland today to start your claim.
We operate on a NO WIN - NO FEE basis.