PPI Reclaim Scotland
PPI Claim Scotland reclaims Payment Protection Insurance (ppi) for clients across mainland Scotland and the Islands.
Have you been mis-sold PPI?
The Financial Ombudsman Service (FOS) estimates that £50billion worth of payment protection insurance (PPI) has been mis-sold to thousands of customers from across the UK. If you think you could be one of these customers, read on for the full list of mis-selling reasons...
In order to claim back any potentially mis-sold PPI you, the consumer, must prove you were mis-sold the policy in the first place. There are many reasons for having this financial product mis-sold such as;
- PPI was made a condition of obtaining the loan, credit card or other financial product – it is estimated that this reason is the most common mis-selling reason for PPI compensation claims. PPI on any financial credit account is optional!
- Age – if you were under 18 years of age or over the age of 65 at the start of the loan, then in all likelihood, the policy would have been null and void. Neither should you have reached the age of 70 during the time the PPI was ‘active’.
- Definitions on working hours – even though we associate the term full time with 30 hours plus, PPI policies usually counted this as 16 hours or more and you must also have been in full time employment for 6 months prior to taking out the loan
- Medical conditions – any pre-existing medical conditions at the time of the loan and PPI were not covered under the policy. Whilst this is fairly common with insurance policies, as they would normally cost more, this was not flagged to customers. Therefore, you may have thought you would have been able to make a claim.
- Self-employment – the large majority of PPI policies did not cover people in self employment for short term illnesses; in other words, many people were surprised to learn on attempting to make a claim that they had to be permanently winding up their business before any monies were paid from the policy!
- Some people already had cover elsewhere – and this, in many cases, was not taken into account. You will need to show that this policy would have covered this debt but the fact that it was refused should be mis-selling reason enough.
- More chance of a successful application – this is also a common mis-selling reason; many customers felt that the bank representative hinted strongly that they were more likely to be accepted for their loan if they took out the PPI at the same time.
- Single premium policies – this practice has now been outlawed but this relates to the cost of the PPI being added to your loan as one lump-sum upfront. Again, despite all the exclusions as well as narrow terms and conditions, people who mis-sold this policy, without realising that the policy did not cover the full term of the loan e.g. policy lasted three years but the loan was to run over 10 years. Also, if you paid the loan off early, you may not have received a PPI refund.
- Pressured or advised – many customers also felt unduly pressured into taking out PPI or were advised to do so, even though the bank may have been more than aware of the customer’s current financial standing and ability to repay a loan.
- Did not know – likewise, there are many customers who simply did not know they had agreed to PPI. Some banks or lenders added it to accounts, usually credit card accounts, without the prior knowledge or consent of the customer.
As you can see, there is a long list of PPI mis-selling reasons. PPI Claim Scotland, as one of Scotland’s leading PPI claims management companies, have made successful claims on behalf of customers. Why not call them today for a no obligation chat about your PPI compensation claim?
Please contact PPI Claim Scotland to make you reclaim your payment protection insurance (PPI) today.