11 March 2019
With the announcement of a firm PPI deadline by the Financial Conduct Authority (FCA) in the coming months, many people have many questions left unanswered. News this week announced that there are still millions of people with claims for PPI compensation who could potentially miss out if they don't claim by August 2019.
We are often asked about arrears on accounts and how it, along with debt, affects compensation claims for mis-sold PPI. Here we summarise some of the most common experiences we have come across relating to PPI compensation, debt and arrears.
Yes, you can. For some people, the reason why they are in arrears on their accounts is because of PPI. The reasons are three-fold:
If you make a claim for compensation for mis-sold PPI, you could be awarded hundreds, even thousands of pounds in compensation. Many people want to know, do they get to keep this money or does the lender take the lion's share?
If you are in arrears on your account, your lender could use the money to 'wipe off' the outstanding amount. BUT, they will need to calculate how much of these arrears are outstanding payments and how much relates to PPI payments.
Or, they may send you the money direct followed by the arrears amount and ask for payment.
For those customers with IVAs and in the process or have undergone sequestration or bankruptcy, what happens with any PPI compensation depends on many factors.
As each case is different, it is a wise move to have a no-obligation chat with our specialist teams. In the main, however, PPI compensation is classed as a financial windfall and, as such, you should declare the case to your administrators or whoever is handling your debt payments.
You can claim PPI compensation if the PPI policy was mis-sold and if you are in debt and/or arrears with your lender. With nothing stopping you, what's stopping you from calling Scottish PPI Claims?