By now, you’re sure to have seen the PPI claims deadline campaign, with Arnold Schwarzenegger’s robotic head shouting at us to “do it now!” This £42 million advertising campaign from the Financial Conduct Authority (FCA) is promoting the PPI deadline, set for 29th August 2019.
All PPI claims need to be made before the deadline, so it’s time to act now. The FCA is hoping that the deadline will put an end to the mis-selling scandal.
Many people were not aware that they even bought PPI, which is why it’s important to check previous products and contacts. It was mis-sold on products such as loans, credit cards and mortgages. In the worst-case scenarios, signatures were forged by employees.
Some people have received thousands of pounds back from their banks, often from multiple accounts and products. To date, nearly £30 billion has been repaid to customers. Before we reach August 2019, though, this figure could be closer to £40 billion.
Even if you previously made a PPI claim and had an unsuccessful result, you might be able to make another claim due to the Plevin rule. If over 50% of your PPI sale was a commission, you can make another claim — but only if your first claim was rejected by the bank.
Regardless of your situation, in this post, we’ll tell you in plain English how to make a PPI claim and why you should start as soon as possible.
Do You Have an Earlier Claims Deadline?
While the FCA is busy promoting the PPI claims deadline, some people could actually be facing an earlier claims deadline. A few years ago, some banks and lenders wrote to customers informing them that they were mis-sold PPI and could be due a refund. From the date of these letters, consumers only have three years to reply to the banks for this money.
For those who received this letter, you might have an earlier deadline than August 2019. This is why it’s so important to start your claim as soon as possible.
How Can you Reclaim PPI Before the Deadline?
Don’t be put off reclaiming PPI if you are no longer a customer with your previous bank or lender. As long as you are able to collect all the relevant information, it’s possible to claim PPI from accounts and products that were bought over 10 years ago.
The key is to find all the evidence supporting the fact that you had PPI and that you believe it was mis-sold. With that in mind, here are some simple steps to make your PPI claims:
- Find the paperwork and statements from previous accounts. Look for anything which resembles PPI, such as ‘accident, sickness and unemployment cover.’
- If you can’t find the paperwork, the bank may still have a record of it. If they don’t, a creditor or PPI claims company will be able to find your previous financial products and see if PPI is on there.
- If you find that you did have PPI, ask yourself: was it was mis-sold? Do you remember agreeing to it? Were you told that it was compulsory? Were you eligible to claim on it if necessary?
- If you believe that you were mis-sold PPI, make your claim. You can contact the bank yourself or find a reputable claims management company offering a no win, no fee service. All claims companies are registered with the claims management regulator. The benefit of using a company means you won’t need to contact the bank and they can deal with all communication — ideal if you’re busy or don’t want the hassle.
Due to the PPI deadline, the banks are receiving an influx of claims, with Lloyds receiving 11,000 PPI claims letters a week. Clearly, then, it makes sense to start your claim now to make sure that you don’t miss out. You really could be due thousands of pounds, so check now before it’s too late.