Payment Protection Insurance (PPI) claims in Scotland are just as relevant as anywhere else in the United Kingdom. People who live in Scotland (or who are Scottish and live throughout the UK or the rest of the World) can certainly look at any PPI that they potentially may have had in the past. The majority of Scottish accounts are held with the large lenders, such as Royal Bank of Scotland and the Clydesdale Bank. However, many people still of course have accounts with the likes of Barclays, HSBC and Lloyds. There is no difference to the way that the PPI should or was sold to individuals in the past. Therefore, the same basis for refund is relevant, regardless of whether you live in Scotland.
The PPI scandal has now been running on for a number of years, but there is a conclusion around the corner. The Financial Conduct Authority (FCA) who control all major Banks and Lenders in the UK is looking to set a deadline for the submission of all complaints – which is to be around the end of spring 2018. There is therefore a considerable length of time in order to make a complaint, but it is important that you do so sooner rather than later so that you do not miss the boat.
PPI was largely sold in the 1980s, 1990s and into the 2000s. Mis-selling took place as the various lenders who promoted the product did not establish correctly whether the product was fit for the individuals that took the policy. They also employed various sales techniques which did not protect the client, nor explain to them the various aspects of the policy and whether it was appropriate for them or not. The policies themselves were extremely expensive and could add considerable sums each month to any borrowing that a client of one of the lenders (who promoted the product) had. Facilities that could well have had PPI applied to them included loans, credit cards, hire purchase (HP), store cards and mortgages.
The majority of people believe that they are unable to make any form of complaint in relation to PPI because they do not have any paperwork confirming the PPI itself was established. This is in fact incorrect. The Banks do have (with some persuasion) considerable records going back into the 1980s. Whilst there is no guarantee that the PPI, if applied, can be located – it is certainly worth investigating.
We work for a number of clients throughout the World and, in particular, we represent large numbers in Scotland in reclaiming PPI. We work purely on a “No Win No Fee” basis. Should, for some reason, we be unable to locate PPI, or for some reason, we are unable to recover the PPI premiums, there is no fee to pay. Therefore, there is no reason why you should not look at this if you have not already done so.
The Banks have refunded almost £30billion to the end of 2015. There are still considerable refunds that are waiting to be collected. However, people are reluctant as they are unaware as to whether they have had PPI and how to proceed. This is where we can come in and look at representing them and (deal with the lenders) regardless of the age and information that the consumer has.