Are you Owed PPI? It’s Now or Never
Have you seen Arnold Schwarzenegger’s head sticking out of a box of apples? If so, that means you’ve caught sight of the official advert for the PPI claims deadline. The Financial Conduct Authority (FCA) has spent £42 million on the advertising campaign to promote the PPI deadline.
Since 2011, the banks have paid out £27 billion to customers for misselling payment protection insurance (PPI). With the deadline now in place, start your PPI claim today to make sure that you don’t miss out on reclaiming your money. The official deadline is 29th August 2019 — a date that will soon arrive, meaning thousands of people could be left owed money which is rightfully theirs.
Why Make a Claim?
Customers have been able to make a claim for mis-sold PPI for nearly a decade. So why bother to make a claim now, just because a deadline has been put in place?
If you’re currently saving money or could do with some extra cash for the upcoming events (yes, Christmas is edging nearer), a PPI refund could be just what you’re looking for. The average payout for customers is approximately £3000 (per claimant, before deduction of fees).
“I never had PPI” is a phrase that many people have said before, but it is so important to check. Some banks and credit card providers charged customers for the insurance without even telling them. This means that thousands of people were paying for PPI without their knowledge and you could be one of them. If you bought a mortgage, credit card, store card, overdraft or loan in the past 20 years (or more!), you could be eligible.
Make Your PPI Claim Today Before the Deadline
As the official promotion has begun for the deadline, now is the time to make a claim. As the word spreads about the PPI deadline, the banks are likely to receive even more complaints, so staying ahead of the queue is vital.
Even if a claim was rejected previously, there is now new ground for making a PPI claim due to the Plevin ruling. The Plevin ruling means that if you were sold PPI but not informed that 50% or more was a commission, this is also misselling of the product. These new grounds to make a claim mean there could be a greater influx of complaints to the banks.
How to Make a PPI Claim
It’s actually easy to make a PPI claim. The first step is to find the relevant paperwork for the account or purchase. Look carefully and you might be surprised to find PPI listed on there. The insurance can often be listed as something else, so check any unfamiliar wording on your statement. If you have no paperwork, this isn’t a problem. A creditor or PPI claims company can still find out if PPI was added to your product if you work with them.
Once you know if PPI was sold onto your product, you can start to make a claim. There are two ways to do this. One is to contact the bank yourself, whilst the other is to contact a trustworthy PPI claims company to contact the bank on your behalf. Many PPI claims companies offer a no win no fee PPI policy, meaning they can make a claim for you at no cost until your claim is successful.
A claim can take a number of months to be resolved. If you’re not happy with the outcome, you can refer your case to the Financial Ombudsman (FOS). However, the FOS has thousands of complaints to resolve and referring the case to them means the result could be as much as two years away.
This is why you should start your PPI claim today. Don’t leave it too late to reclaim money which is rightfully yours!
This is a collaborative post