Like many of the bigger banks, First Direct played its part in the huge PPI scandal. Despite not being as large as many of the other banks involved, they were still guilty of making millions through mis-sold payment protection insurance.
Fortunately for anyone who might have been wrongly sold PPI by First Direct, the company has a good record when it comes to compensating victims of PPI mis-selling.
First Direct pride themselves on being an innovative bank with excellent customer service, and claim to be the UK’s most recommended bank. With such a reputation, customer satisfaction is clearly a priority for First Direct, and this is why they have made such an effort to ensure customers who were mis-sold PPI are properly compensated.
First Direct stopped selling PPI in 2008, whilst many other banks continued to sell the product. Before that decision was made, PPI was sold to First Direct’s customers in four forms:
- Personal loan protection plan
- Balance protector
- Flexiloan payment protection
- Mortgage repayment protection
Anyone who has previously paid for any of the aforementioned types of PPI has a good chance of reclaiming what they paid out to First Direct. If you’re not sure whether or not you have previously paid for any of these PPI products, we can help you find out.
If you were mis-sold PPI by First Direct, you can either make contact yourself and pursue a claim. There are a host of template letters available online. Alternatively, you could seek the assistance of a PPI claims management company. Bear in mind that such companies could charge up to 30% pus VAT of your overall claim in fees.