subject: Ppi Scotland [print this page] File your PPI claims quickly to avoid a growing backlog of payments!
When banks and other financial institutions charged their clients PPI in Scotland, many of those clients were not really supposed to make those payments. Some of them were wrongly lead to think that PPI was a mandatory requirement to get approval for a loan or a mortgage. Overzealous sales people lied outright in some cases to sell PPI. And some innocent victims of PPI in Scotland didn't even have any idea that they were being charged for payment protection. That's because unscrupulous staff "bundled" PPI as part of the loan or mortgage value, effectively hiding the fact that the client was being charged PPI.
It was only after several complaints from the general public, that Britain's Financial Services Authority (FSA) and the Office of Fair Trading (OFT) started an investigation into the PPI practices of leading banks and financial institutions. These included well known institutions such as Barclays, RBS, Lloyds-HBOS and HSBC. The revelations that followed were absolutely stunning. The investigation concluded that these and other institutions had falsely and wrongly collected PPI from over 6 million individuals.
The FSA and OFT have ordered these organizations to make full restitution to their clients for all illegal payments they have collected over the past decade or so, including for PPI in Scotland. As a result, the banks and financial institutions have had to set aside more than 9bn to compensate their clients. But even though the banks know which of their clients are impacted by this "scam", they will not voluntarily make the refunds. Instead, a formal claims process has been instituted, and aggrieved individuals must apply in order to get back the money that banks had fraudulently charged them in the first place.
It is now a well known fact, based on statistics released by the banks for the first half of 2012, that they are receiving huge volumes of complaints from the general public. Some figures indicate that as many as one complaint every 7 minutes hits the banks. Suffice to say that this not only overwhelming the bank staff who are processing these applications, but is also delaying the refund process.
They (the banks) claim that individuals (such as yourselves) are to blame for the delays, because applications for claims are not being filed properly - apparently even people ineligible for refunds are making claims.
To spare themselves from this blame game, and to ensure that they receive their refund quickly and without any additional stress, many individuals have sought the assistance of knowledgeable PPI Claims Specialists. Since these specialists are fully familiar with the refund process, they can ensure that the claims are properly prepared and filed to ensure timely payment.
