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Mis-sold Payment Protection Insurance (PPI) - For Scottish Residents

Payment Protection Insurance, or PPI, has been sold by many companies against loans, mortgages and credit-cards. It may be called loan protection, credit insurance, loan repayment insurance, ASU (accident, sickness and unemployment) insurance, account cover or payment cover.

Sometimes people are misled into thinking that PPI is an essential part of the loan, sometimes our customers find that PPI has just appeared without them asking for it.

Often PPI has been sold without the salesperson checking first that the policy is suitable. If any of this applies to you and you reside in Scotland, we on your behalf may be able to claim a refund.

Reasons why you may have been mis-sold PPI

You were pressured into taking out PPI.

It was not made clear that PPI  was optional.

You were advised to take out PPI but it was not suitable for you.

You thought buying PPI was a condition, or would increase your chances, of obtaining a loan or other type of credit.

Any significant exclusions were not explained, such as being self-employed or pre-existing medical conditions.

The policy was added to your loan without your knowledge.

It was not made clear that you would pay interest on the cost of PPI if it was added to the loan. 

It was not made clear that the PPI cover would end before the loan or credit was repaid.

There may be other reasons why your PPI policy was mis-sold please contact us to discuss this.

Reclaiming Payment Protection Insurance (PPI)

If any of the mis-selling reasons apply, you can reclaim. It doesn't matter whether the loan has been paid off, or is still running. If the loan was taken out more than 6 years ago you'll probably need the paperwork as the bank may have destroyed their copy.

You need to consider whether you would rather have the cover the policy gives you than a refund of the PPI costs. Some policies are fair value and you might want to keep them, but most only pay out for one year if you find yourself unemployed. It's important to realise that generally they don't pay the entire loan off for you, just the monthly payments. You would usually be better off getting your money back than having one year of payments made, so check your paperwork and do your maths and work out the best option for you.

The Financial Services Authority has found that PPI insurance has been frequently mis-sold by lenders throughout the UK. If it was mis-sold to you and you reside in Scotland then we can help you make a claim to get back the proportion of your monthly loan or credit-card payments that represented the PPI payments, plus interest.

You can if you wish claim a PPI refund by yourself and we have included a link to the FSA website in our "About Us" section that advises you how to do this.

We cover the whole of Scotland and not residents in England.

Payment Protection Insurance (PPI) Reclaim Fees

We charge a rate of 20% of the money reclaimed + VAT. We don't charge you a penny up-front and of course if we don't win your case, there is absolutely nothing to pay under any circumstances.

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