Over the last six years, banks that mis-sold PPI to their customers have been made to pay out over 20 billion. With a deadline for PPI claims now in place, now’s the time to find out if your bank owes you money.
There’s a good chance you will have heard about the ongoing PPI scandal through word-of-mouth or on the news. For years, banks have mis-sold PPI to their customers without their knowledge and now are being severely punished for it. Over the last six years, over £21 billion has been paid back by banks — an amount that will continue to increase until the PPI claims deadline arrives.
In this article, we’ll be discussing the PPI claims deadline and give you all of the information you need regarding the deadline itself, as well as making your own claim.
Are You Owed PPI?
There’s no guarantee that you be will eligible for a successful PPI claim, but when you consider that the average amount paid out by banks is approximately £3000, you’d be a fool not to at least check. The massive amount that’s been repaid so far demonstrates the sheer volume of people who have been mis-sold PPI; as it’s not a common occurrence, there’s actually a good chance that your PPI claim could be successful.
PPI stands for payment protection insurance and is often included — without the knowledge of you, the customer — with mortgages, loans, credit cards and overdrafts. There’s a good chance you will have paid for one of the above at some point and only noticed the additional fee if you took the time to look closely at the original paperwork. Of course, not many people will do that, because you wouldn’t expect anything untoward to be going on while dealing with a reputable company such as a bank.
Making a PPI Claim
To make a PPI claim, the first thing you’ll need is the original paperwork. This will provide the bank with all of the relevant information and your contact details, as well as proof that you have, in fact, been mis-sold PPI. You’ll then need to write a letter to the bank(s) that mis-sold you PPI in the first place and await their response to see if your claim is successful.
Aside from the PPI scandal being in the news, you will undoubtedly have seen an abundance of television adverts and may have received phone calls from PPI claims companies. Although you can make PPI claims on your own, a PPI claims company is beneficial if you don’t have much time to organise the paperwork. Leaving it in the hands of the professionals will aid in making the process much quicker and hassle-free.
Another benefit of using a PPI claims company is that if you have misplaced the original paperwork, they’ll be able to contact the bank on your behalf and track down the documents. To do so, all they will need is some simple information at the time of your claim. Choosing the best PPI claims company to suit your budget is always important. Those who offer ‘no win no fee PPI’, for example, will make sure that you are only charged if your claim is successful.
When Do You Need to Claim By?
As you may or may not have heard, the Financial Conduct Authority (FCA) has put a deadline for all PPI claims in place. From this date onwards, you won’t be able to claim for times in the past where banks have mis-sold you PPI. The date to make a note of is August 29th 2019 — which obviously does seem a long way off, but leaving it until the last minute could see you missing out on a substantial amount of money.
If you previously haven’t entertained the notion that you may be owed PPI, now would be the time to check. The deadline being put in place will have made plenty more people aware of the fact that they may be owed money, leading to more claims being made. The increase will likely slow down the overall process, giving you all the more reason claim sooner and get to the front of the queue. Now so more than ever, working alongside a top PPI claims company is an ideal option. Their expertise will help to speed up the process and avoid any roadblocks along your journey to earning back the money you’re owed.