Payment protection insurance (PPI) was mis-sold to thousands of UK customers. Products such as loans, credit cards and mortgages were the target for misselling. Although many people have already made a PPI reclaim, it’s important for others to check as soon as possible.
The Financial Conduct Authority (FCA) has imposed a PPI deadline of 29th August 2019. This is to encourage people to claim PPI, rather than keep putting it off. The official promotion campaign began in August 2017, meaning consumers have just under two years left to make their claim. The banks are expecting high numbers of complaints, meaning a PPI reclaim could take a number of months.
So far, the total damage to the banks has been in the region of £35 billion. This sum is a combination of fines, PPI reclaims and paying for additional staff to deal with complaints. On top of this, the banks involved in the scandal have also contributed to the £42 million advertising campaign for the PPI deadline. Undoubtedly, the banks are thrilled about the upcoming deadline, but until that date, more money can be claimed.
Does PPI Apply To Me?
After years of hearing adverts about mis-sold PPI, some people have simply tuned them out. Why bother checking for PPI now? Surely, people know if they were mis-sold PPI?
As it turns out, many people were completely unaware that PPI was mis-sold to them or even that they purchased it in the first place. Often, it was added to products such as loans and credit cards without the knowledge or consent of the consumer. This is why it’s so important to find out if PPI was added to your product.
The recent Plevin case has opened up new grounds for people to claim PPI. If you were sold PPI but over 50% of it was commission you were unaware of, you can now make a claim. This is true even if your previous PPI claim was rejected by the banks. Unfortunately, if you have already made a successful claim, you are not able to make a second one under the Plevin ruling.
How to Make A Claim
Now less than two years away, it’s essential that you claim PPI as soon as possible. Don’t put it off until after Christmas or next year sometime. As Arnold Schwarzenegger says “Do it now!” Making a claim can take up to six months and if you’re unhappy with the decision made by your bank, you can refer the case to the Financial Ombudsman (FOS). However, they currently have a huge backlog of PPI claims, meaning you can wait up to two years for a decision.
There are two ways to claim PPI and both are quite simple. Firstly, you can contact the bank or provider yourself. After the influx of requests, many banks now have an address listed on their website where all PPI claims can be sent to.
Alternatively, find a claims management company to manage the communication which is regulated by the claims management regulator. Always find a claims company who offer a no win no fee policy and are upfront about their fees. Find a PPI claim with a low fee, meaning you will keep most of your money if your claim is successful. A claims company can take out the hassle of you contacting the bank yourself, which is particularly useful if you are busy.