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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