Do you have (or have you ever had) a credit card, store card, bank loan, or similar financial product?
Have you ever thought of checking to see if you had PPI?
There is no need to go to a claims company who will charge you 20% fee plus VAT. You can do it for free
For most people the deadline to reclaim is August 2019 but I have just discovered for some people it is earlier than that.
The reason is that between 2013 and 2015 many firms had written to over 4 million people who they thought were potentially at a high risk of having been originally sold PPI but have not yet claimed.
The letters that were sent out to these people can be referred to as redress letters. It seemed they offered money up front and that they had 3 years to apply from the date they received the letter to make a PPI claim. it seems that the FCA has stated this dead line still applies.
If you don’t remember whether you were sent such a letter, you need to get in contact with the firms who may have mis-sold you PPI, and ask if you were sent one.
Payment protection insurance (PPI) is an insurance that was sold alongside other financial products including credit cards, store cards, mortgages and different types of loans.
It was designed to cover the payments in case of illness, loss of job, accident or even death. However the sales people did not fully explain what was involved in PPI and this meant for the vast majority of people they would not have been eligible for cover. This could include people who had pre-existing medical conditions, were self-employed or on contract work. So in reality the cover was worthless.
PPI was mis sold to millions of people in the UK – but the good news is that you can now claim compensation for FREE.
Do you recall being sold PPI?
There’s a chance you were sold PPI without realising it. In some cases sales people didn’t explain PPI policies when they were sold. Often the sales people got extra commission for adding PPI to the financial products.
You many have been advised that you needed to take out PPI as this meant you would have had a better chance of getting a loan if you took it out. If this happened to you, then you were almost certainly sold PPI.
It’s worth checking any mortgage, credit card and loan agreements to see if PPI was mentioned.
How to claim PPI
Do not use claim management companies. They will take around 20% of your PPI refund plus VAT.
Some claim management companies (not all) may also try to charge you a fee up front. There have even been cases of some of these companies going bust and without doing any work for their clients i.e. you the customer.
Banks will take the same time to resolve a case regardless if you have issued the claim or a claim management company.
So do it for free and keep all the money.
One (of many) excellent sites for reclaiming PPI is the consumer magazine Which and the link below is well worth visiting
What I loved about this site (and I used it personally) was that you could either send a PPI template letter or simply apply on-line immediately.
Not sure if you have the paper work?
Even if you have no paperwork ie it has been lost you can still make a claim.
It could be worth contacting your loan provider to see if they can supply a copy of your original credit agreement. They may charge a small fee (approx £1). If however your account is closed you can still request a full breakdown of payments. Again there may be a small fee (approx £10)
If you cannot remember who your lender was then you can contact credit reference agencies to see what is on your file.
A few credit reference agencies are below (there may be a small fee to pay
Closing date for claims
So make sure you check to see if you have any monies owed and remember do it for FREE.