Do you think you potentially have a PPI claim? Have you realised there is only eight months left to claim? Perhaps you aren’t sure if you have a claim as you aren’t too sure what it is?
The PPI claim deadline is the 29th of August 2019, a date set by the Financial Conduct Authority for people to claim any money back that they may be entitled to from mis-sold PPI.
So what is PPI?
PPI is Payment Protection Insurance, it is an insurance designed to cover loans or credit cards in the event of accident or sickness so you don’t miss out on repayments. However it has been widely mis-sold across the board with people either paying for pretty much worthless cover or in some instances, paying for it without even knowing they have it or agreeing to it!
The problem with the original ‘selling’ of this insurance is that those selling were incentivised to sell it whenever they could, leading to the vast amount of mis-selling. If you feel like you may have been mis-sold such a policy, you need to dig out your paperwork and file a claim. The worst they could say is no but you could find yourself owed thousands.
Believe you could be owed?
Now you know all about PPI and think you may be owed a claim, you will want to make sure you have all the paperwork to hand. It may be a little difficult if you don’t have the paperwork – after all, there is no time limit on how far back you can go to claim so you may not always have the paperwork left over from many years ago. It isn’t impossible to source the paperwork though and you could still then potentially file a claim.
If you believe you are eligible for a claim, you may want to know what sort of compensation you are entitled to. This PPI claims calculator can help you work out an estimate of what you may be eligible to receive. You simply need to input the type of PPI claim you have (loan/mortgage or credit card), what your monthly payments were, the payment time period and when the financial product was taken out. Once you have filled in all the details, it will calculate an amount for you.
So what do I do next?
Once you’ve found out what PPI is and know what compensation you could be entitled to, you will want to claim, right? But you have a very short time period to get it done in so you will want to get started right away! You can either do this yourself using templates, sending evidence to the bank in question with an explanation on how the insurance was mis-sold to you. Some were told it was compulsory – it wasn’t. Some had it added without their consent. Make sure you tell them exactly how it was mis-sold to you and you should receive an outcome from the bank within around eight weeks but they can sometimes take a little longer.
If you find the prospect of doing it yourself daunting, you can use a no win no fee PPI claims company to help you with your claim, such as Canary Claims. They will help you throughout the process and if your claim is unsuccessful, they won’t charge you a penny.
With the deadline looming, it is so important to check through your old paperwork and bank statements to see if you are entitled to a claim. If you aren’t, then you haven’t lost anything. If you are, however, then you want to receive the compensation you are entitled to before the deadline ends – otherwise you won’t be entitled to that money at all!
Good luck to those who are currently going through the claims process and if you aren’t but think you may be entitled to one, make sure to get started straight after Christmas, you don’t want to delay!