Have you claimed PPI yet? Thousands of people in the UK have made successful PPI claims and received a lump sum which has greatly helped their finances. However, despite vigorous advertising, thousands of people haven’t yet claimed PPI, but could be owed money.
Why is this? Many people aren’t aware that they were sold PPI (payment protection insurance). PPI was mis-sold to so many customers alongside loans, mortgages, credit cards and store cards. Often, people were told it was mandatory or it was added to products without consent.
It’s time to take action and make a PPI claim today, because very soon, your chance to claim back money that’s rightfully yours will be gone. Here, we’ll discuss the upcoming PPI deadline, why it’s so important to make a claim and how to do so.
When is the PPI Deadline?
If you’re not sure when the deadline is, you’re certainly not alone. In a recent survey, Canary Claims discovered that 80% of the UK don’t know the date of the deadline — despite a huge advertising campaign featuring Arnold Schwarzenegger.
The PPI deadline is 29th August 2019. Now, you might be tuning out the date as 2019 seems a long way away. However, it’s crucial to make a claim as soon as possible. Here are just a few reasons why:
- A claim can take up to six months to be resolved. This means that even if you make a PPI claim today, you might not see any money until July. If you’re looking for a cash boost soon, start your claim ASAP.
- If you’re unhappy with the outcome of your PPI claim, you can refer the case to the Financial Ombudsman (FOS). The FOS currently has a huge backlog of claims to look at. This means it can take them up to two years to resolve your claim. The sooner you start, the sooner it’ll be resolved.
- With the deadline arriving in 2019, it’s likely that next year there will be a rush to make a claim before it’s too late. This could put even more strain on the banks to resolve claims quickly. Get ahead of everyone else.
- Your deadline might actually be earlier than August 2019. Many banks issued letters to customers who were due a PPI refund. On these letters, customers were given three years to claim their money. If this three-year deadline has expired from the bank, your PPI claims refund might not be available anymore.
- Even if you were unsuccessful previously, you might still be able to make a PPI claim. In 2014, the Plevin case shed new light on the misselling of PPI. Susan Plevin claimed that she was mis-sold PPI because over 70% of the PPI was a commission. The court ruled in her favour, meaning the bank had to pay out. This means that thousands of other people could be due PPI claims on these grounds. If over 50% of the PPI sale was a commission, you could have new grounds to claim PPI.
How can PPI Claims be Made?
Making a PPI claim is such a simple process that it’s always worthwhile making a claim to find out if PPI was mis-sold. Follow these simple to find out if you could be owed money.
- Find the relevant paperwork from the account. If you have a bank statement or contract from when you first bought the product, this is ideal. Still, if you can’t find the relevant paperwork, this isn’t a problem. An independent creditor or reputable PPI claims company can get this information for you.
- With said paperwork, look for any extra insurance which you don’t remember buying or do remember buying but weren’t given a choice. If you believe that the PPI was mis-sold, you can now start to make your claim. There are two ways to do this.
You could contact the bank or provider yourself with all of the relevant details. Or, contact a PPI claims company to make a claim on your behalf. Many PPI claims companies work on a no win, no fee policy, meaning there will be nothing to pay unless you win your claim. Make sure you don’t pay any upfront fees. If you don’t have much time or don’t want to deal with the bank, using a PPI claims company is an excellent option. Always check the terms and conditions and choose the best PPI claims company with a no win, no fee policy.
- Wait for a response from the bank. The bank has to deal with a huge number of PPI claims. You should receive an acknowledgement that they’ve received your claim, but responding to the claim and if you’re owed money can take much longer. With any luck, you should receive your response within a few months.
- Are you happy with your outcome? If you received a PPI refund, that’s great — especially if you didn’t know that you had PPI. If you did not receive a PPI refund but strongly believe that you should and that you have a case to appeal, contact the FOS.
After August 2019, there will be no more PPI claims adverts and if you find your paperwork in a couple of years, you won’t be able to make a claim. It’s so important to check now and make a claim. It takes minimal time, but the financial reward could be substantial, so don’t miss out!