It’s highly likely you’ve heard of the PPI scandal. Millions of people were mis-sold PPI (payment protection insurance) by their banks. It’s known as the biggest mis-selling scandal of all time and hopefully is the only scandal we’ll ever see, leading to countless searches for no win, no fee PPI claims.
Earlier this year, the Financial Conduct Authority (FCA) announced 29th August 2019 as the deadline for claiming back mis-sold PPI. It’s important not to leave it too late to claim by searching for the best PPI claims company or do the admin work yourself as soon as possible.
Nearly £27 billion has been paid out since 2011 to those who were mis-sold PPI by their bank or credit card provider. You may not realise it, but you could be one of the millions who are owed thousands of pounds.
If the idea seems a bit daunting or like it could be a lot of work, don’t worry. Millions of people have claimed back their money and you can, too. Here is some useful information about PPI claims made simple.
Why Make a Claim Now?
The official campaign by the FCA to communicate the deadline will begin in August 2017. But, it’s important to start the process now. A PPI claim can take many months and if your claim is referred to the financial ombudsman, it could take up to two years. It’s likely that there will be a big surge in people making a claim, so it’s better to get ahead of the game now. You may not be owed money, but it’s worth finding out before it’s too late to even try.
Have I Got PPI?
While millions of people have already claimed back their mis-sold PPI, a lot of people who haven’t claimed back simply don’t know they had PPI sold to them. Part of the scandal is that a lot of people weren’t even aware that PPI was added to their loan, credit card or mortgage.
Lloyds Bank is one of the biggest culprits of mis-selling PPI. Natwest, Barclays, Egg credit cards, Santander and HSBC are also all involved and have paid out millions of pounds already.
The best way to check if you have PPI is to find the relevant paperwork for when you took out your loan or other product from the bank. If you no longer have the paperwork or account numbers, this isn’t a problem, as long as you have an idea of dates and know personal details from the time. If you don’t know which bank it was, you can contact a credit agency. A PPI company will also be able to help if you no longer have the paperwork.
Contacting the Bank or Credit Card Company
Once you have the correct paperwork or information, you need to contact your bank. Most of the major banks have information on their website if you want to make a claim for mis-sold PPI. Given the number of complaints, it can take some time before they reply and let you know if you are due any compensation.
If the bank states that you aren’t owed PPI but you strongly believe that you are, you can contact the financial ombudsman. They will investigate further to try and find out if you are due a refund. The reason this can take longer is due to the plethora of complaints they receive, which has created a backlog of cases to investigate.
Working with a PPI Claims Company
If you’re too busy or want somebody else to contact the creditor and bank, you can contact a PPI claims company to take the hassle out of doing the admin work yourself.
The amount that claims companies charge for their services vary wildly. Always look for a company which offers no win, no fee PPI claims. Check the testimonials to find the best PPI claims company, offering a personal service and keeping you informed every step of the way.
from Finance Girl http://www.financegirl.co.uk/ppi-deadline-looming-how-to-check-and-claim-yours-back/
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