We keep hearing about PPI in the news. We weren’t joking when we said that reclaiming PPI could go on for years. Do you know what PPI is though and if you don’t, do you know how it might have affected you?
What Is PPI?
PPI stands for Payment Protection Insurance and has been one of the biggest scandals of the last few years. It’s specifically designed to cover your credit card or load repayments for a year if you are unable to do so through illness, unemployment or an accident.
It was supposed to ensure the financial stability of the general public if they ever found themselves without the proper financial income to repay their debts. However, in being mis-sold PPI, members of the public have found themselves without the proper protection they thought they were investing into.
Being mis-sold PPI means you could have been paying out £1000’s of pounds for protection that didn’t cover you. This has meant that your outgoing payments have been unnecessarily high, preventing you from making essential repayments which could have halted any further debts from arising.
How Much Money Could I Be Owed?
You could have PPI on any number of items, most commonly however, PPI was sold on loans and credit cards. You will find that the amount you normally pay on your loan PPI is around 15% though it can increase to 30%. This sounds low, but over the years the total quickly increases so that the amount you could be owed could be £1000’s.
What Other Items Was PPI Sold On?
If you weren’t sold PPI on loan and credit card repayments, you could have been mis-sold PPI on other items such as:
- Store Cards
- Secured Loans
- Car Finance
- Monthly Paid Insurance
- Overdraft (depending on your bank)
If you’re at all unsure it’s always a good idea to check if you’ve been mis-sold PPI.
At Debt Advisory Scotland we can help you reclaim your mis-sold PPI. We’re dedicated to the Scottish people and our experienced, professional and expert staff work tirelessly day and night to ensure you get the money you’re owed.
In the past we’ve been able to roughly claim back £28,00 with a number of pay-outs exceeding £15,00. We guarantee to offer you a:
- No Win No Fee Arrangement
- Fast Track Reclaim Service – which ensures your claim is dealt with within 24 hours of us receiving your completed pack
Our fees are among the lowest in Scotland and, because we want you to feel secure and well taken care of, we provide you an Individual Claims Manager to handle your PPI reclaim process from start to finish.
If you would like to find out more about PPI, or if you would like to make a PPI claim, contact us today on 0800 011 2322.