Payment Protection In Scotland

Act now - PPI claims backlogs are growing!

If you are one of the countless individuals who paid for payment protection in Scotland, then you may be entitled to reclaim thousands of pounds in mis-sold Payment Protection Insurance (PPI) payments. But don't think that your refunds will be processed automatically. No! You need to file a claim for the money that your bank or financial institution owes you. And there's a formal process laid out for filing such claims.

Like in many other jurisdictions, financial institutions indulged in deceitful practices when offering payment protection in Scotland, as well. When customers approached them for loans and mortgages over the last 10 years, some of their staff wrongly lead many clients to believe that PPI was mandatory in order for their applications to be processed. In other cases, unknowing clients were charged PPI as part of a "bundled offering". Those clients had no idea that they were being charged PPI, even though many of them did not need such a policy.

All of this came to light when Britain's Financial Services Authority (FSA) and the Office of Fair Trading (OFT), based on complaints from many bank customers, launched an investigation to uncover the truth behind PPI practices. What the watchdogs uncovered was a startling revelation! It appears that banks and financial institutions had been wrongly or deceitfully collecting payment protection in Scotland and other jurisdictions across the UK over the past 10 years or so.

As a result of the FSA/OFT investigations, many leading banks and financial institutions, including Barclays, RBS, Lloyds-HBOS and HSBC, have been ordered to refund over 9Bn in mis-sold PPI payments to their clients. It is estimated that over 6 million individuals may be impacted by this "scam".

Along with the order to expedite the refund, also came a formal process that customers should follow in order to receive their refund. As a result, the banks are receiving millions of claims for refunds. Based on figures disclosed for the first half of 2012, the institutions are receiving an average of one complaint every 7 seconds! No wonder the banks are feeling overwhelmed, and the entire refund process is taking much longer than consumers would like.

If you, or someone you know, are impacted by this scandal, then the best way for you to ensure you receive you r refund on time is to consult with a PPI Claim's Specialist. These are organizations that are intimately familiar with the claims process, and can ensure that your claim is processed without unnecessary delay. The best part of working through such institutions is that they don't charge you any upfront fees. You only pay them once your claims have been processed successfully.

http://www.scottishclaims.co.uk

by: Jon Hayes

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