Are You Ready for the PPI Deadline?

If you’re making 2019 the year to become financially savvy, you might be looking for lots of extra ways to save money. But, as well as saving money, are there any extra pots of money you could be earning? 

29th August is the PPI deadline – how does this affect you? If you were mis-sold a PPI policy, you could be due a refund from your bank. It’s time to learn about PPI and if it affects you. In eight months, you won’t hear about it again, so don’t miss the chance in the first half of the year.

What Is PPI and Why Is There a Deadline? 

Payment Protection Insurance, commonly known as PPI, is a type of insurance sold alongside financial products. However, in the 1990s, the banks realised that this was a lucrative product and began systematically mis-selling it to customers. 

Since the scandal came to light, thousands of UK consumers have made PPI claims to their banks and received a refund. To date, over £33 billion has been refunded to customers. But the FCA has now set a deadline for all PPI complaints to draw a line under the mis-selling scandal and allow the banks to move forward.

Many people were sold a PPI policy without their knowledge and consent, causing thousands of individuals to make successful claims. Could you be one of them? If you are, you should find out soon. 

Lloyds Banking Group is receiving 13,000 PPI claims per week. This is 2,000 more than its projections, meaning the banks are exceedingly busy handling claims. If you want to make a claim before the deadline, act now. The sooner you start your claim, the sooner you could receive your refund.

What Is A No Win, No Fee PPI Claim?

If you’ve seen or heard adverts for PPI claims companies, it’s likely you are familiar with the term “no win, no fee”. But what exactly does this mean? If you use a PPI claims company to handle a claim on your behalf, it will only charge you if your claim is successful. There should never be an upfront fee. 

New guidelines from the FCA outline that all companies must operate on no win, no fee PPI claims basis, allowing fairer practice and consumers not to be left out of pocket with no results. An interim fee cap introduced last July also means companies are capped at charging 20% + VAT. However, some trustworthy companies do charge below this amount – look online for the best companies and fees. 

How To Start a PPI Claim 

The whole processing of finding evidence of PPI can take many months. To make a PPI claim, you can either gather all of the evidence and contact the bank yourself, or use the services of a reputable PPI claims company. 

PPI was sold alongside credit cards, mortgages, loans, store cards and, sometimes, overdrafts and car finance. You can find it listed on old paperwork, though be aware it might be listed as another name. If you do find it listed, you can contact the bank with this evidence and state how it was mis-sold to you. The bank should give a response within two months, but it could be longer due to a backlog of claims or if you have a complex case. 

If you can’t find the paperwork, there are a few options. Contact the bank to inquire about policies on old accounts. It might not have a record of it, but it’s worth checking. Alternatively, a PPI claims company can do an investigation for you. It can also make the claim for you if a policy is found. 

The FCA created a dedicated PPI website for individuals to learn more about the deadline and how to make a claim. Why put it off? Find out today if you’re due a refund so you don’t miss out before the end of August.

Will you be trying to claim back any mis-sold PPI before the August deadline?
If so, why not let me know in the comments below.
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