Checking for PPI

3 Reasons to Check if You’re Owed PPI

The payment protection insurance scandal came to light in 2011 and has affected both banks and consumers dramatically. You may know people who have made successful claims or have seen the adverts on television about making a PPI claim with no win, no fee guarantees.

People have been claiming back money from the banks for years after they were mis-sold payment protection insurance (PPI). PPI was added to credit cards, loans, mortgages and even overdrafts.

PPI was mis-sold to customers in a variety of ways. The full terms and conditions were not always explained, meaning some people bought it when it was useless for their circumstances. Other customers had it added onto their products without even knowing.

The banks have already paid out nearly £27 billion for mis-sold PPI, with much more expected to be paid out over the next two years. With such a large amount of money due to be put back into customers’ pockets, there has never been a better time to check if you are owed PPI. Here’s why:

  1. The PPI Deadline Has Been Set

The PPI deadline was announced earlier this year. The official date when all claims need to be made by is the end of August 2019. This gives consumers and businesses just over two years to make a claim.

There are multiple reasons for the deadline, but one is to encourage people to make a claim now and not to put it off any longer. There is a continued strain on the financial ombudsman. The mediating service receives thousands of letters every day from customers who have been denied a claim from their bank, but still believe they are owed money. To keep up with demand, they have hired new staff specifically for PPI complaints. Still, though, the backlog for having your complaint addressed by the financial ombudsman can be up to two years.

  1. You Could be Owed Thousands of Pounds

The average payout of a PPI claim is over £2000. While not everybody will receive this much money, you could still be entitled to money you should never have paid in the first place.

Some of the maximum payouts have been over £60,000. That’s certainly a reason to find your paperwork and look into reclaiming your money.

Even customers who had never heard of PPI or thought they never had it discovered that they were in a position to make a claim. Taking ten minutes to check through old paperwork can be so valuable — but even if you don’t have the correct paperwork, this is not a problem. A creditor can help you find the relevant information you require for making a claim.

  1. No Win, No Fee PPI Claims Mean You Can’t Lose

If you really can’t be bothered with the hassle of having to deal with creditors yourself, then there is another route you can take. You’ve probably heard the term “no win, no fee”, and if you reclaim your money with a PPI claim company, this is something they will offer. But what does this actually mean? It means that if you aren’t able to make a successful PPI claim against your bank, you won’t be due any fees to the company. Always check the terms and conditions before signing any agreement. Ask as many questions to the PPI claims company as you can to make sure you understand the process.

If you don’t win a claim, you won’t lose any money. This means you might as well find out if you have been mis-sold PPI on any products. Act now before the official promotion of the deadline begins in August 2017. You want to make sure that your claim is ahead of the game.

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