PPI is essentially a policy to cover the holder from any difficulties that they may encounter over the life of the policy, for example if they encounter any problems with illness, sickness or an accident through no fault of their own.
PPI or Payment Protectiono Insurance is essentially an insurance policy against any financial repayemtns you need to make every month, often running for 12-24 months.
A controversial product, PPI is not far from the limelight and scrutiny, with banks and lenders in the UK being fined millions of pounds for admitting to mis-selling, PPI claims are becomming more and more prominent in the UK. An estimated 30 million PPI policies have been sold in the UK & Scotland and with a large amount of those having the possiblity of being mis-sold PPI claims is becoming more popular.
Scottish PPI claims companies
PPI claims is a quite simple but lengthy and detailed process, the best option for pursuing a claim is to use a company who is experienced and knowledgeable in the market. The process of claiming back PPI from a Scottish lender or bank can take a number of weeks, if their is difficulty and the bank contests your claim it will have to be individually investigated by the FOS (financial ombusmen services), this can take several months. But with the average PPI claim being worth £2200 it is deffinitely worth the wait, on average every person who has mis-sold PPI will have 2.5 cases, this means if you have 2 loan and 1 credit card application you could be looking at several thousand pounds worth of compensation.
Unfair bank and credit card charges
Banks are notorious for charging their customers late fee’s, penalty charges and overdraft fee’s. A few years ago customers who were charged penalty fees upon penalty fees and £30 overdraft charges for going one penny into an unarranged overdraft were able to claim back these unfair charges, now though this is a lot more difficult.
The average customer could claim back around £1000 in unfair charges but this was largely dependant upon the account, how long you have had it for and the level of fees that you have been charged.
Credit card and bank charges vary slightly in that a bank account would only take extra fees from a customer for an un-arranged overdraft etc, where as credit card charges are levied against customers who miss payments, go over their limit etc each month and can mount up.
Scottish PPI Claims
If you are a Scottish resident and believe you have PPI attached to a loan, mortgage, store or credit card you could have been mis-sold the policy and so could claim back on average £3000 from your bank or lender. Claiming back mis-sold PPI is easy, simply give a Scottish PPI claims company a call and get the advice and help you need in order to pursue your claim.
Have you been charged unfarily by your bank?
SCESB are specialists in claiming back unfair and unjust charges, premiums and policies from your bank or lender in Scotland. If you feel you have been levied with unfair charges from your bank or lender give us a call and we can discuss if you have a claim for unfair bank charges or credit card charges against your Scottish bank.
Unfair charges have taken a bit of a hit in recent years, you are unable to make claims unless you can show you are in financial difficulty or can prove a special case. In the past it was possible to claim back unfair bank or credit card charges from your Scottish bank freely but now the times have changed you really need to be in financial difficulty, for example be on a debt management plan or IVA.
Are you in financial difficulties?
Being in financial difficulty is a very hard place to be, getting out of it can be even harder unless you take the right steps to get yourself out of the hole.
Financial difficulties can be assumed if you have more expenditure each month thatn you bring in (income). If this is the case then you will soon find yourself struggling to meet your creditors repayments. Living on your credit card balance each month? This is often the start of financial hardship, Scottish people are finding it harder than ever to keep on top of their finances, with inflation rising and salaries not matching it is becomming increasingly difficult to keep track of all of your finances.