PPI Complaints Scotland
PPI Claim Scotland reclaims payment protection insurance (ppi) for clients in Scotland.
Think you know everything about PPI?
Think again! There are a huge number of facts and figures emerging about payment protection insurance (PPI) and the way in which it was mis-sold to thousands of customers across Scotland, as well as all other areas of the UK.
16 million PPI policies sold
Overall, it is estimated that a huge number of PPI policies were sold to customers across the UK since 2005, amounting to £17billion worth of premiums being paid. The various high street banks had set aside some £5million in compensation pots to refund customers, but this is now considered wholly inadequate.
By 2010, nearly 50,000 complaints had been registered with the Financial Ombudsman Service...
...which makes PPI the most complained about financial product of all time. And the independent body was upholding the majority of cases in favour of the customer too.
Selling practices must change
As good practice, banks and lenders must now leave a gap of 7 days between the taking out of the loan and the attempted sale of PPI to the customer.
Some organisation and financial forecasters also estimate that PPI was so expensive as it was driven by huge profit margins. Some have even suggested that lenders received as much as 80% of the premium as profit or payment for arranging the policy.
And yet more profit
If there were few claims on the insurance fund, then the bank or lender received a high level of profit. Sceptics have suggested this is why the payout rate on PPI claims was so low; the lower the successful claims, the more profit the lender received.
PPI complaints are expected to keep on rising... for a while yet at least
The Financial Conduct Authority (FCA) along with the Financial Ombudsman Service (FOS), believe that many more people are yet to make their claim for PPI compensation, fully expecting the level of complaints to keep rising.
A poor value product
PPI premiums were expensive and customers were paying over the odds for a policy that was, in some cases, completely useless. In fact, the FCA believe that customer often paid far more in premiums than they would have received in benefit, should their claim have been successful.
There is no deadline...
... although the banks and lenders have suggested that this should be the case but, the FCA and the FOS are resisting all calls by the banks to impose a deadline on PPI claims.
PPI Claim Scotland is a claims management company, specialising in PPI compensation claims. WE can help you, whether your claim is straightforward or complex; why not give us a call?
Please contact PPI Claim Scotland to make you reclaim payment protection insurance (PPI) owed to you today.