10 December 2018
The saga that is the payment protection insurance (PPI) scandal and its mis-selling, doesn't look to be ready to die away any time soon.
In fact, just when you think the whole PPI saga is beginning to fade, it leaps back into life, bringing with it another twist in the tale.
The latest twist is the PPI deadline. Set for August 2019, everyone with PPI sold to them before the summer of 2017 who think it was mis-sold has until 29th August 2019 to lodge their complaint for compensation - or risk losing out on their cash. This means YOU could be waving goodbye to thousands of pounds.
Can you afford to take that chance?
But why was PPI mis-sold? And why did it carry on for so long?
In the 1990s, banks and lenders started to sell products bundled together as packages. Like other retailers, they mounted campaigns that sold the product to customers as a deal financially worth having.
In some cases, this was true but they then started to tag on PPI as part of these packages. Thus, they gave the impression that PPI had to be bought.
The sales representative may also have told you that without PPI, it would be harder to get credit or something similar.
This is unfair selling and it meant that people were sold an insurance product that did not meet their needs.
Customers trusted their bank. They had no reason not to. After all, they had been a customer of that bank for decades so why would their bank dupe them into buying something that was not fit for purpose? It was also too preposterous a claim to be uttered out loud…
And this is why the mis-selling of PPI could carry on for so long. No one challenged the banks, because there was no one who really could. But there is now in the shape of the Financial Conduct Authority (FCA).
But, the market had changed and banks needed to make big profits to remain viable in competitive financial markets. And when they saw a chance to make huge profits by selling PPI at inflated prices, they grabbed it.
But the trust and loyalty of their customers were tested. And the consumer fought back.
There are several reasons why PPI was mis-sold. Customers were told they had to buy it or given the impression they had to.
Customers were not given all the information or in many cases, PPI was added to the account without your knowledge or permission.
The time has come to claim your PPI compensation. Call Scottish PPI Claims today!