Reclaim PPI in Scotland
PPI Claim Scotland reclaims Payment Protection Insurance (PPI) for clients in Scotland.
How do I know if I have been mis-sold PPI?
This is one of the most common questions we are asked here, at PPI Claim Scotland by customers when they first contact us. If you want to know how you can tell if you have been mis-sold payment protection insurance (PPI), read on...
Optional Vs. Compulsory – no matter what any bank representative or adviser told you, PPI is NOT compulsory. Some lenders did tell their customers it was compulsory, which the predecessor of the Financial Conduct Authority took a very dim view of. PPI is optional leaving you free to find a better policy.
Exclusions – PPI is now widely regarded as poor value for money, mainly as a result of the very narrow terms and conditions of the policy. Self employed people for example, would have to ‘permanently cease trading’ in order to make a claim, something that many customers have since said would be unlikely to happen. Pre-existing medical conditions were not covered, a fact not always communicated clearly to customers.
Adding up the debt – many customers were not made explicitly aware of how much debt would be added to the loan etc. In other words, the cost of the insurance would be added to the loan and you would also be paying insurance on this, as well as the loan itself. In the case of a £10,000 loan, it added as much as £3,000 on to the capital being paid back.
Expiry dates – amazingly, the PPI policies were not timed to run for the length of the loan. Many PPI policies fell short of the loan term; customers were surprised to find that their PPI ran for 5 years but their loan was for over 7 years, hence they were not covered for the remaining 2 years of the loan. Likewise, many customers were surprised to find that they could not make a claim in the final year or had to claim within the first 12 months (or not at all!).
Advised sales – many customers can also claim under the ‘advised sales’ banner. If the adviser said words similar to ‘I strongly recommend’ etc. they should produce statement that clearly shows why this policy is recommended specifically for you; this came into force after 14 January 2005.
It just appeared – many customers state the mis-selling reason for their PPI policy as ‘it simply appeared on my statements’ and this in itself constitutes a mis-selling reason.
PPI as an insurance product is incredibly inflexible; it offered very little cover for very few people and yet it was sold to thousands of customers over many years. The Financial Ombudsman Service suggests there are 20 million PPI policies sold in the UK. If you think you have been mis-sold PPI, then you need to talk through your case with PPI Claim Scotland. As one of Scotland’s leading claims management companies, we make the whole process simple and clear.
Please contact PPI Claim Scotland to make you reclaim payment protection insurance (PPI) owed to you today.