This week marks the one-year countdown to the PPI deadline, during which people can claim back for policies they have been mis-sold.
Over the last three decades, The Financial Conduct Authority (FCA) estimated that around 60 million PPI policies were sold. Since the mis-selling scandal came to light over a decade ago, 18.4 million complaints have been filed.
Here’s everything you need to know about the PPI deadline, and how you can make a claim.
What is the mis-selling scandal?
Millions of people were mis-sold PPI, an insurance scheme that was added on to mortgages, credit cards, business loans and other types of credit. It was designed to cover people in the event of illness, an accident or unemployment. As banks and lenders failed to explain to customers what their PPI covered, many were mis-sold the policy.
Am I eligible for a refund?
Were you ever sold PPI covering repayments on a credit agreement? It’s likely you are eligible to claim a refund. It is thought that only a minority of people have made claims so far.
Contact our expert legal team, who can assist you with the assessment of your claim and advise you on what action to take. If you are cold-called by a Claims Management Company, here is why you should ignore them and go through a solicitors firm instead.
When is the PPI deadline?
The PPI deadline is August 29 2019.
Claims must be made before or on this date, otherwise they won’t be considered. As mis-selling claims can involve lots of paperwork, you should make your claim as soon as possible.
How do I check if I have PPI?
If you are unsure about whether you have PPI, check documents you signed when you took out a mortgage, loan or credit card.
PPI will usually appear on statements, but it may go by another name. It may be called credit insurance, loan protection, account or payment cover, loan repayment insurance, or ASU (accident, sickness and unemployment) insurance.
How much money can I claim?
Although not guaranteed, you should be able to claim back all your premiums plus interest.
The average payout over recent years has been £2,000.
What happens if my claim was rejected?
Many banks have been fined for failing to deal with complaints properly, so your claim may have been wrongfully rejected.
Even if your claim was unsuccessful, you may be able to claim under the Plevin ruling. Following the landmark case, the FCA set new regulations stating that you can claim on the grounds that over 50 percent of your PPI bill went on commission to the lender.
How do I make a claim?
If you think you have been mis-sold PPI and could make a claim, get in touch via our contact form. Alternatively, give our qualified solicitors a call to tell us more about your situation and get the legal support you deserve.