We show you how to claim PPI back from banks as the government’s countdown kicks off — plus, get a free fiver from our rewards club
ARE you owed thousands by your bank?
The great Payment Protection Insurance (PPI) scandal saw millions of policies needlessly sold and a two-year deadline for claiming cash back has been imposed by the Government, with the countdown beginning tomorrow.
Offered alongside loans, mortgages and other credit facilities, PPI was meant to cover payments if you fell ill or lost your job, or to pay off the loan if you died.
But many policies were flogged to customers who would never be able to claim on them.
Banks and finance firms have paid out £25billion in compensation so far, with some customers getting back as much as £70,000. Another £12billion could still be owed — but you must claim by August 29, 2019.
We have teamed up with resolver.co.uk to show you how in five easy steps.
1.Did I have PPI? Were you actually sold the product? If you still have the original paperwork, check it thoroughly.
PPI was also sold as “loan care”, “credit insurance”, “payment cover” and other terms.
If you don’t have the document, contact the seller and provide it with as much information as you can, including where you lived when you took out the policy.
They are obliged to check their records and will let you know what they find. Most firms keep records for up to six years, so if they find nothing, check your credit report. As a last resort, you can contact the Financial Ombudsman.
2. If so, will I get compo? There is no compensation scheme for PPI itself. You must complain about how the policy was sold to you.
Complaints include: “I didn’t know I had been sold PPI”; “I was told I had to take out PPI in order to get a loan or credit”; “The policy was unsuitable for me and a claim would not have been successful”; “I didn’t know how expensive it would be”; and: “My claim has been turned down.”
3. How do I complain? If you believe you were mis-sold PPI, send a reclaim. You don’t need to use a pricey claims-management firm, which could take 30 per cent of any payout. Use the templates at resolver.co.uk/ppi or on the moneysavingexpert.com site.
4. How much will I get? Generally, the amount you pay for loan PPI is about 15 per cent of your balance, but it could be up to 30 per cent. If you had multiple products such as credit cards or mortgages with PPI, you may get back money on each one.
5. What If I am turned down? Depending on your circumstances, some claims are rejected. If you have further evidence or simply don’t agree with the decision for any reason, you can send another reclaim or contact the Financial Ombudsman.
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