Could You Earn Thousands of Pounds from PPI Claims?

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We’re all looking for extra ways to make some money, especially with the festive season getting ever closer. While there are some excellent ways to make money online, don’t overlook some of the offline ways to boost your income.

In fact, you could be owed money and all you need to do is make a phone call to reclaim it. We are, of course, talking about PPI claims. You may have seen the Financial Conduct Authority (FCA) advertisements about the upcoming PPI deadline. This means that there is only a limited time left to make a PPI claim.

Yet, despite advertisements and billboards, the FCA believes that only one in five potential claims about mis-sold PPI had been made so far. This means that there are still thousands of people in the UK who are due money from their bank. It’s not a small amount of money, either. People have reclaimed thousands of pounds, sometimes across multiple accounts. The average payout is just under £3000.

If you think you might have been mis-sold PPI, or, even if you’re unsure, it’s important to find out how to make a claim. Here’s all the information you need to know about if you could be owed PPI and how to make a claim to get your money.

How Was PPI Mis-Sold to Customers?

British banks and credit card providers swindled thousands of pounds from people when they bought PPI. The banks realised that the insurance could provide an excellent profit, so started automatically adding it to products. Many customers were unaware that the insurance was optional, or were not told the full terms and conditions when purchasing it.

PPI was mis-sold onto credit cards, loans, mortgages, overdrafts and store cards. Some people had PPI mis-sold on multiple products, meaning their payout has been larger.

You could be owed PPI, but didn’t even realise that it was mis-sold to you. Many customers who received compensation didn't know they had PPI until they checked.

This is why it’s so important to check if you were sold PPI — you might be surprised!

When is the PPI Deadline?

The banks have paid out billions of pounds to customers following the uncovering of the PPI scandal. The FCA has put a deadline in place to encourage the remaining people to make a claim to finally put the PPI scandal to bed. This means that the banks will no longer need to put money aside to pay for claims. The deadline is 29th August 2019. This means that all PPI claims need to be made before this date.

How Can You make PPI Claims?

The good news is it’s easy to make a PPI claim, but it’s important to act as soon as possible. With the deadline in place and promotion across television and social media, the banks are likely to be receiving an influx in complaints. A PPI claim can take up to six months and even longer if you decide to refer your case to the Financial Ombudsman.

Using a trustworthy PPI claims company with no upfront fees and a no win, no fee PPI claim policy is essential. Alternatively, you can contact the bank yourself. However, using a PPI claims company can often take away the hassle and means you don’t have to deal with communication from your bank. There’s no reason not to act now to find out if you are owed thousands of pounds.