PPI: Still An Important Financial Issue

In the past few years there have been multiple stories in the news relating to the Payment Protection Insurance (PPI) scandal. Briefly put PPI was originally designed to cover the costs of the repayment of a loan or credit cards in the event of problems arising such as ill health, redundancy, or an accident. PPI was commonly sold on products such as loans and credit cards, however was also available on a number of other products such as mortgages and even overdrafts. Not all PPI is bad, however PPI was widely mis-sold by a number of banks and other lenders and in many cases customers were left paying for insurance they did not want or in fact even need. There were also numerous instances in which the insurance failed to pay out.

According to recent reports, mis-sold PPI is still a significant problem. Indeed according to a recent article by the BBC, PPI claims remain at historically high levels, and they quote the Financial Conduct Authority (FCA) as having stated that since 2001 banks have paid the colossal sum of £16bn in compensation to customers.

Furthermore the FCA also recently announced that banks and card companies will reopen 2.5 million PPI mis-selling complaints, given complaints that some claimants had been treated unfairly or had received underpayments. The Guardian quotes chief executive of the FCA Martin Wheatley as stating that “Making sure anybody previously mis-sold PPI is treated fairly now, and paid redress where it’s due, is an important step in rebuilding trust in financial institutions. In about two and a half million complaints, this was not necessarily the case. So, at our request, firms will be looking at these complaints again.”

If you think you may have been mis sold PPI then here at Scottish Debt Help we are specialists in making PPI claims for people living in Scotland, and can help ensure you get the compensation you deserve. We have extensive experience of helping claimants receive compensation for mis-sold PPI and offer a comprehensive service so you can get all the help and advice you need. For more information please do not hesitate to contact us on 0800 011 2322 and one of our friendly team will be happy to help you with your enquiries.

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