When is the PPI reclaim deadlines and how do you claim compensation?
TIME is running out for everyone to claim their refunds for mis-sold Payment Protection Insurance (PPI).
Around 60million PPI policies were sold over the last three decades, and according to Britain's Financial Conduct Authority (FCA), you could get thousands of pounds back.
The watchdog says that since 2011 more than £35billion in redress has been received by consumers.
But there are still plenty of people who need to claim, and a new ruling means that customers who have had claims rejected may need to appeal.
The same ruling also means that simply having PPI might be enough to get you some money back - even if you knew you were being sold it.
We recently revealed how mum-of-two Laura Tuley got £10,500 from PPI refunds.
While flying instructor Ian Stevenson got £9,000 back from a PPI policy he took out alongside his mortgage - and it only took him five minutes to make the claim.
Then there's former bookkeeper Brian Goody, who got a shock £18,000 PPI payout on loans he’d taken in the 1980s.
Making a PPI claim is easy, but with just hours left until the deadline, you need to move quickly.
Here's everything you need to know to make a claim.
Consumer group Which? has also created .
There are plenty of claims handling companies who are trying to get people to complain through them.
There's no need to do this, and it will cost you money!
Processing the claim yourself means you'll get to keep all your compensation.
What happens if your claim is rejected?
Banks have been fined repeatedly for failing to deal with complaints properly and some cases may have been wrongly rejected.
If your claim has been rejected by your bank or lender then take it to the Financial Ombudsman Service.
The Ombudsman is an independent service that settles disputes between financial providers and consumers.
It's free to use and will decide whether your provider should have paid up.
You have six months from receiving the final response from the bank or lender to get in contact with the Ombudsman.
You can complain to the Ombudsman after the August 29 deadline providing your initial claim took place before this date.
Even if the Ombudsman has already rejected your appeal, you might be able to complain under the "Plevin" ruling.
If over 50 per cent of your PPI bill went on commission to the lender and you weren’t told about this then you are due a refund above that amount.
The new rules have been set by the FCA but didn't come in until August 29 last year.
If you think you were mis-sold, you should escalate that to the Ombudsman first, but this is another option that opens up claims for millions more people.
Martin Lewis, the founder of MoneySavingExpert, said: “Until now, you were usually only due money back from PPI if the firm had either given you an inappropriate policy, such as employment cover for the self-employed, or lied to you, like saying PPI was compulsory.
“Yet with Plevin, in most cases it’s simply a case of ‘Did you have PPI? Then you are owed money.”
Re-opening of cases
The Financial Ombudsman Service may have to reopen thousands of PPI cases after an undercover investigation revealed how complaints handlers had inadequate training, in some case having to use Google to search for products.
Undercover reporters from Channel 4’s Dispatches programme spoke to Ombudsman employees.
One said faced with tough targets the Ombudsman has been "churning" out decisions and that it was "not feasible" to handle all claims.
Another said they had “just taken a chance and just slung stuff through, with any old decision”.
One employee of 18 months said: “Even now I look at an investment case and I don’t know what to ask for. Sometimes I’ve not even heard of the products. I have to Google what it is first.”
He has also urged people to reclaim thousands of pounds in PPI for dead relatives.
Banks will also now submit PPI complaints for you, which should make the complaints process much easier.
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