Have you been mis-sold PPI in Scotland?
PPI or Payment Protection Insurance is a financial product designed to cover the holder in case of sickness, illness or and accident that prevents them from earning money and being able to make outstanding repayments on loans, credit cards, mortgages or store cards. The problem comes when PPI is mis-sold, banks and lenders across the country have been fined millions of pounds for the mis-selling of Payment Protection Insurance. With an estimated 30 million PPI policies in the UK, be sure to check your statements and agreements of any credit cards, loans, mortgages or store cards you may have taken out in Scotland in the last 6 years.
If you have PPI added to your account without your knowledge or consent the chances are that you have been mis-sold and can claim back on average £3000, with each loan being worth an average of £2200 and a credit card PPI claim being worth around £400 depending on the limit, balance and age of the card.
Do I have PPI?
PPI is generally added to a loan at the point of sale and so evidence of whether you have it or not can be found on the initial loan agreements, though with a credit or store card PPI will appear on your statements each month.
If you have PPI and do not recall asking for it or even you didn’t know you were paying for it then you could be eligible to claim back PPI compensation.
PPI has been generally mis-sold in Scotland for a number of reasons, largely because Scottish banks and lenders were putting pressure on staff to hit sales figures for PPI selling and so the staff members in Scotland were taking extreme measures to hit the targets set by their employers. You have been mis-sold PPI in Scotland if:
- The bank or lender did not tell you that PPI was optional
- The bank or lender told you that having PPI will increase the chances of your application being accepted
- The sales person did not inform you of the policy exclusions
- You were employed, self employed or retired at the point of sale
PPI Claims Company in Scotland
To make a PPI claim in Scotland, first you will need to identify if you have PPI, check your statements and agreements to see if it was added on to your agreement at the start of the loan or that you are paying for it each month on your credit or store card.
Secondly you will need to contact a PPI claims company in Scotland to help you with your claim, they will then pursue your bank on your behalf.
Once they have contacted you bank or lender and started the claim you can then sit back and wait for the bank to come back with an offer based on all the premiums you have paid plus the interested acrued on the PPI in the period the policy has been live. On averge this works out at around £3000 per customer.