Unless you’ve been living under a rock for the last couple of years I have no doubt that you’ll have heard about PPI. It might be through cold calls (don’t you just hate them), TV adverts, newspaper articles or on another blog post, like this one. With the PPI deadline approaching, everyone should be asking and checking as to whether they’re owed money.
What Is PPI?
PPI is Payment Protection Insurance and is something offered to customers who are having to make a regular payment back to a lender. Credit such as loans, mortgages, finance and credit cards tend to be the biggest examples of products to have PPI offered on them.
PPI will give you the financial security in knowing that if you are unable to make your monthly payment due to illness, an accident or redundancy then the insurance company should make the payment on your behalf until things are back to normal.
The reason PPI is all over the news at the moment is that many companies such as banks have been misselling PPI to their customers. Customers have had PPI added to their monthly repayment charges without being told or, in certain cases, even after they’d declined it.
Customers are then paying this additional charge for a product they didn’t know they had so were never able to use it.
Claiming Back PPI
A deadline has been set for PPI claims. The Financial Conduct Authority (FCA) has set a deadline of August 29th 2019 for all PPI claims, so this means that you don’t have that much time to get back money from mis-sold policies and claims relating to PPI mis-selling.
There are a couple of ways you can check to see if you’re owed PPI and how to get it back.
PPI Claim Companies
In all honesty, using PPI claims companies is the easiest way to check and make a claim. You submit your details to them, they check all your accounts and come back to you to let you know if you have a claim. You then instruct them to claim on your behalf and they take a percentage of the returns.
This can be a pricey option as some companies want up to 40% to do this on your half, so make sure you look for the best return for you.
My mum used this option and saw it as any money she got back was more than she had if she didn’t send the forms off, she still got a nice sum.
Do It Yourself
It is very easy to do it yourself these days, especially with all the reclaim tools you can find on places such as Money Saving Expert. It might take a little longer than using a claim company and it relies on you sending off all the paperwork, chasing up any claims and having to do the research but you get 100% of the money you’re owed.
Aaron has done this himself, and I currently have a check in to see if I’m owed anything under the Plevin ruling (where banks pocketed a commission from PPI that was taken out).
Are You Owed Any Money?
If in the past, you have taken out any form of credit then there is a good chance you might be owed something. It is definitely worth taking the time to have a check.
If you knew you’d taken out PPI on any financial product, and made a claim (something I did) then there is a chance that you might be owed something too.
At the end of the day, as long as you do it yourself or go with a no-win no-fee company (double check you don’t pay anything unless there is a claim) then there is no harm in checking. You could be sitting on a healthy claim which you’ll lose the chance to get back after the 29th August 2019.
Stay Up To Date