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PPI Explained and How To Claim

 

Finally, the deadline for PPI claims has been announced.  For those that have been putting it off for the last few years, now is the time to act as the deadline is rapidly approaching.  It can take up to four months depending on circumstances to find out if you had a PPI policy. Delaying any further will mean many will miss out unnecessarily.  So far, the banks have paid out over £33 billion to consumers for PPI claims.

What Is PPI?

PPI stands for Payment Protection Insurance.

These insurance policies were often sold alongside loans, credit cards, mortgages as well as other types of credit such as car finance or catalogue accounts.

How Was PPI Mis-Sold?

Customers may not have agreed to take out a PPI policy but were sold it anyway.

Some companies may not have made it clear that the customer was taking out PPI alongside another product.

Customers may have felt pressured into taking out PPI or may have been misled into believing they wouldn’t get a credit card loan or credit without the insurance.

A PPI policy may not have been explained clearly to the customer who was sold a policy that wasn’t suitable or required.

When Is the PPI Deadline?

The Financial Conduct Authority (FCA) has set 29th August 2019 as the deadline for all those wanting to make a PPI claim.  This means consumers now have just eight months to make a PPI claim. This doesn’t mean you should wait until the last minute though.  It takes time for checks to be made. To avoid last-minute panics and the risk of missing out, it’s best to check sooner rather than later.

How Do You Find out if You Have a PPI Policy?

PPI was often sold with credit and store cards, mortgages, personal and secured loans, business loans, overdrafts, hire purchase agreements (when buying a car) and catalogue shopping accounts.

The PPI policy may not have necessarily been called payment protection insurance.  Alternative names include; payment protection cover, credit care, credit guard, mortgage care as well as others.

If you still have statements or credit agreements for any of these you may find the PPI policy mentioned on there too.

How Much Are You Owed?

You can work out how much you are owed via this super easy PPI refund calculator.  Here you will get an estimate of what you could be owed.  The more details you can provide the more accurate the calculation will be.

How To Claim

Personally, I have yet to check (naughty I know) and don’t have the time to do this myself so would consider having a company do all the leg work for me.  Canary Claims is one of the UK’s leading experts in PPI. In addition, their fee is only 15% + VAT (18% total). They offer no-win, no-fee PPI claims, meaning if a claim isn’t successful you won’t owe them anything.

To see if I have PPI, I simply need to fill in the enquiry form on the website and they’ll send over an application pack to get the process started.  They deal directly with the bank(s) making it stress-free. Sounds like a win-win situation.

You can, however, go through the process yourself, find the paperwork and deal with the bank if you fancy a challenge.  It will, of course, save you the fee, but can also be far more stressful especially if the claim is unsuccessful. In that instance, you will then need to contact the  Financial Ombudsman Service who will review your case.

Lost your Paperwork so Haven’t Claimed?

Fear, not all is lost.

You can still make a claim even if you have lost the paperwork.  Paperwork can be found by simply contacting your bank as they may still have a record of the account and PPI policy number that would have been sold.

Alternatively, a credit check will look at active accounts and loans over the last six years.  This way, you can identify who may have sold you a PPI and check with them.

The third, and simplest option of all, is to get Canary Claims to do the research instead.  Experienced in finding old financial paperwork, they make it so much simpler knowing exactly where to check and making the whole process simple (it’s the option I’m thinking of trying).  To do this, all they need is my name, address and the banks I have taken out any loans with.

Have you checked to see if you have a PPI yet?

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This Post Has 26 Comments

  1. I can’t believe the deadline is finally coming!! Seems like forever and a day PPI has been advertised. I had a look myself but sadly I’m not owed any money ;(

    1. I know. It feels like it’s been going on forever!!!!! that’s a shame but also good they didn’t mis-sell you a PPI too.

  2. It’s pretty incredible that £33 billion has been paid out! I hope everyone that can claim does claim before the deadline 🙂

    1. Same here. It’s amazing how many they managed to take advantage of.

  3. I keep getting letters about this and I really need to put my claim in!!

    1. Good luck Laura. You never know you might have a nice sum of money to claim back.

  4. I really should take a look as I’m sure I must be owed something from past years!!

    1. You never know Deborah. Best to do it soon before time runs out.

  5. You have answered all my questions about PPI. Thanks for explaining it all.

    1. No problem Stella. Good luck if you decided to look into it x

  6. I have claimed most of mine back, but we have found some more – really must get on and do it

    1. That’s great that you had money to come back but also not good that they took advantage. Hope you get the rest back soon.

  7. It is scary how much so many people have had back through PPI it is great they are getting refunded but should not have happened in the first place

    1. I agree it should never have happened.

  8. Thanks for sharing this. I find it all so confusing and there’s not much longer to put in a claim!

    1. There isn’t long to go. Make sure you check 🙂

  9. I have to admit the whole PPI thing totally confuses me! Its fab that you can use companies that do everything for you though to make it much less stressful!

    1. It can take the headache out of checking and of course is a bonus if you get some money too.

  10. Interesting post, I didn’t really know much about PPI at all until I read this post. Sounds like a good way for people to get money that you are owed, and surprising that most people don’t claim for it! xx

    1. It is a shame many don’t claim. I suppose if they didn’t realise they had it they would assume they didn’t and were not owed any money.

  11. Great post, I can’t believe that the PPI deadline has come around, I used to work in banking when it all kicked off! xxx

    1. I know it feels like it has been going on for ages. Hope everyone that is owed money clams.

  12. This is very informative, I knew nothing about these policies so it was a very good read!

    1. Hope you checked if you were owed any money back Eva.

  13. I never had anything with PPI but I know members of my family have. They’ve been so confused by it all so I am going to forward your post to them as it seems to answer a lot of things.

    1. I hope they find it useful. Thanks for sharing x

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