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.
