Payment Protection Insurance – or PPI as its more commonly known – is a phrase that has become part of the furniture in recent years. So much so that I no longer think about its meaning when I hear it mentioned.
Well, that was the case until recently. You see, the PPI deadline is fast approaching. Yes, time is running out to find out whether you were mis-sold PPI and, more importantly, to claim it back.
So if like me, you’ve largely ignored it, you may want to give it a look before the August deadline is upon us.
When you consider that it requires minimum effort but gives you a chance of receiving a decent sum of money, it’s definitely worth doing so. The average PPI payout is around £2,000 but a number of customers have received much more.
Indeed I know several people, including relatives, who have successfully made claims over the last few years.
Claims work on a no win, no fee basis so there’s nothing to pay up front. I’m therefore going through the application process myself to find out.
We may not get anything back, but I’d rather try than never know. Two grand would make a really big difference to us, as I’m sure it would to most people.
With all this in mind, here are some key facts about PPI.
What actually is PPI?
Payment Protection Insurance is a policy that’s sold alongside financial products. If you have a mortgage, credit card or loan there’s a good chance you’ll have it.
The thing is, a lot of people were either not fully informed of the policies they were buying. And, in some cases, they weren’t aware they had been sold them at all.
These policies have a variety of names. Including payment cover, loan care and protection plan.
Customers should be aware of costs and that policies are optional. Their medical and employment status should be obtained as part of the process. They should also receive full policy documents.
If any of the criteria in the previous sentence have been missed, you may have a valid claim. Speaking of which…
How to make a claim
While you can make a claim yourself, it’s definitely something I would rather leave in the hands of experts. Which, in fact, is exactly what I’m doing.
Particularly with the PPI deadline looming. It’s logical really – they have much more experience and know their stuff in the same way that the banks they’re claiming from do, and this levels the playing field.
For example, I’ve started looking into whether I have a claim with this no win no fee PPI claims company. I completed a quick online form and an application pack is on its way to me now.
I will complete and return this – no additional documents are needed, by the way – and then everything is in the hands of people who know what they’re doing!
This includes appealing to the Financial Ombudsman if an initial appeal is rejected.
When is the PPI deadline?
The deadline for making claims is 29 August 2019 and this was set by the Financial Conduct Authority (FCA).
Claims can take up to six months to process so it makes sense to get them in as soon as possible.
So the PPI deadline is coming and, with it, the last chance to claim back any money lost as a result of it being mis-sold. As far as I’m concerned, looking into it is a no-brainer.
Disclosure: this is a paid collaboration. However, it includes my opinions and I am also currently looking into whether I have a valid PPI claim.