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The PPI deadline has been set by the Financial Conduct Authority (FCA) for 29th August 2019. People now have just ten months to make a claim. Although this might seem like a long time, it’s important to beat the potential rush that could arrive next year.

If you want to use a PPI claims company to handle your claim, it can make it less stressful — especially if they are able to find multiple PPI policies. However, when finding a company to hire, always search for a reputable PPI claims company. There will be no upfront fees and you will be updated throughout the entire claims process.

If you’re not sure you want to make a claim, or how, we outline below the reasons you should take action now. You might not want to communicate with your bank or look around for old financial paperwork, but, the benefits definitely outweigh the lengthy process.

1. 64 Million PPI Policies Sold\

The sheer amount of PPI policies mis-sold is staggering. It’s estimated that 64 million PPI policies were sold in the UK. Although it’s not known how many of these were mis-sold, it’s likely that millions of them were not sold correctly. If you’re unsure if you could be one of the millions with a mis-sold policy, it’s always worth checking.

 

2. Help to Be Free of Debt

A successful PPI claim can significantly help reduce credit card debt or any money you are borrowing for a loan. Even if you are in a debt management plan, it’s possible to make a claim and receive a refund. The money will be used to offset some of the debt.

 

3. Average Claim Amount is £1,700

If you’ve seen a TV advert or received a text message claiming that you could be due £3,000, or £4,000 from a PPI refund, you might be dubious. Each claim is different and you won’t know the exact amount you’ll receive until the bank notifies you. But, official data from the FCA says the average claim is £1,700. This is not a small sum of money, so it’s worthwhile to start the process of a claim.

 

4. Starting a Claim Is Free

Making a PPI claim is free. If you have all of the required paperwork, some banks even allow you to make a PPI claim online, meaning you don’t even need to pay for postage. Even if you use the services of a reputable PPI claims company to identify if you had PPI, it will operate on a no win, no fee basis. This means if your claim is unsuccessful, you won’t need to pay the company.

 

5. Billions Have Been Refunded to Customers

Since 2011, over £32 billion has been paid to customers for mis-sold PPI. This demonstrates just how many policies were mis-sold. Lloyds Banking Group has paid the most, setting aside nearly £20 billion to repay consumers for its mis-selling tactics.

 

How to Make a Claim before the Deadline

If you had a mortgage, loan or credit card before 2010 you should check for any evidence of mis-sold PPI. It will be listed on old financial paperwork but may be named as something else. If you find evidence of PPI, contact your bank or lender with the evidence and explain how PPI was mis-sold. Common mis-selling tactics include:

  • The policy is automatically added to financial products
  • Terms and conditions were not explained in detail
  • Being told that it would improve credit score
  • Being led to believe that it was compulsory

The bank should reply with an outcome within eight weeks of acknowledging your claim. However, some cases have been known to take longer.

If you can’t find your paperwork or don’t want to contact the bank yourself, you can use the services of a trustworthy PPI claims company. They can look for multiple PPI policies in your name and follow all the claims up with the bank, saving you the stress or hassle.

With ten months to go, the FCA and claims companies are encouraging people to start as soon as possible. Don’t miss out on this opportunity to receive a refund that is rightfully yours.

Chiino
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