The final deadline for PPI claims was recently announced. Those who have been missold a Payment Protection Insurance policy must claim their refund before August 2019, or lose their chance to make a claim at all. Now there is a final cut-off date in place, there is more reason than ever to be prompt in finding out whether you are owed money.
Much Remains Unclaimed
Although the announcement of the deadline has breathed fresh life into the discussion, the PPI scandal has been around for years. Many people have started to tune out the adverts and the news articles and assumed the scandal must be winding down by now.
However, the Financial Conduct Authority (FCA) believes that most people who had a PPI policy during the period when misselling was rampant have not even checked whether their policy was missold. This underlines how important it is to actually ask yourself the question “Have I got PPI?” and take the necessary steps to find out.
Why Make Your Claim?
The biggest reason to make your claim is simply because the money is rightfully yours, and is just waiting for you to claim it back – with interest. If you were indeed missold a PPI policy, then that essentially means your money was taken under false pretences and that is why you are now owed a refund, with an additional 8% in interest for each year since you paid for the policy as compensation. But despite some campaigners suggesting that they should, banks are not seeking out people who are owed money, so it is entirely up to you to establish whether you were missold a policy and to claim your money back.
If you were missold PPI, then you could be owed a little or a lot, but either way that is money that should be available for you to spend, save, or use to fund an investment. And with the deadline placing a cut-off point after which you will lose your money entirely, there is all the more reason to do so soon.
How to Claim
The first step in making your claim is to find out whether you actually were missold PPI. You could do this by looking over your paperwork or, if you don’t have it any more, checking your credit report. If you had a PPI policy, it was missold if you were in any way misled when taking it out – for example, you were told you had to take a policy from the credit provider instead of looking elsewhere – or in several other situations such as you were not told about it at all, you were ineligible, or you were already covered without the policy.
If you have PPI and it was missold, then the money is yours to be claimed. If you believe this to be the case, then you can either talk to your bank in order to start the claims process yourself or contact a specialist who will do the work for you in exchange for a percentage of your refund.