Have you heard about the PPI deadline? If you’ve seen any adverts with Arnold Swarchenegger’s head shouting at people to “do it now”, then you likely have heard about the deadline. The “do it now” refers to making up your mind if you’re going to claim PPI.
For over seven years, the banks have been paying customers back for misselling PPI. The Financial Conduct Authority (FCA) has decided to put a deadline in place to ensure that all PPI claims are made before 29th August 2019. The deadline has been put in place to prompt people to make a claim, rather than put it off.
64 million PPI policies were sold, but only 12 million people have made a claim. So far, the banks have paid out over £27 billion to customers. This means that there are still millions of claims which could be made and billions more pounds to be paid back to customers.
There are new grounds for making a claim due to the Plevin ruling. This means that if you were sold PPI and over 50% of commission went to the lender or provider, you could be able to make a claim. Even if your claim was previously rejected, these new grounds could mean that a second claim would be successful.
It makes sense to claim PPI now, as the banks are likely to receive an influx of complaints now that the deadline is being promoted. Read below to find out if you could be owed PPI and how to make a claim.
How do I know if I was mis-sold PPI?
Most UK banks have been involved in the PPI scandal. The larger banks have each paid out millions of pounds. Many customers weren’t even aware that PPI was mis-sold to them. The insurance was sold alongside credit cards, mortgages, loans, store cards and overdrafts. For some customers, the insurance was useless, while others were told it was mandatory or had it added to their bill without their knowledge.
If you were sold PPI but can’t remember agreeing to it or felt forced into buying it, this could mean that you have a case for a claim.
How to make a PPI claim
To claim PPI is actually very simple. It may appear difficult if you can’t find the paperwork from the relevant account, or if the provider is no longer in business (such as Welcome Finance). However, both of these issues will not affect making a PPI claim.
If you do not have the relevant paperwork from the PPI claim, you can obtain this information from a creditor or PPI claims company.
If you’re concerned that the bank you were mis-sold PPI from is no longer in business or has been bought out, fear not. The website of the bank should give an address of who to contact, or a PPI claims company will be able to contact the relevant provider.
Finding the best PPI claims company
Many people choose to use a PPI claims company to make a claim on their behalf. This means they will contact the bank and can find out if PPI was sold to you (even if you no longer have the paperwork).
To find the best PPI claims company, look for one with a low service fee. It’s important to check for a no win, no fee policy as well — this means you won’t need to pay the claims company unless your claim is successful. As always, read through all terms and conditions before agreeing to work with any PPI claims company.
It’s important to start your claim as soon as possible. With less than two years before the PPI deadline, now is the time to claim PPI before it’s too late.
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