Here’s How to Claim PPI Before the Upcoming Deadline Arrives

This month, the Financial Conduct Authority (FCA) will launch its official campaign to promote the PPI deadline. A deadline for consumers to make a claim for mis-sold PPI is in place to get people moving and making claims, rather than putting it off. The PPI scandal has plagued the banks for a number of years as they have been putting aside billions of pounds to pay in compensation and fines.

It’s likely that you will have heard about the PPI scandal. During the 1990s and early 2000s, the banks were selling payment protection insurance (PPI) to customers unnecessarily. Many customers were not eligible to even use the insurance, while others were forced to buy it or not told that it was added to their product. It was sold alongside mortgages, credit cards and loans.

When it came to light that the banks had been misselling PPI, many customers rightfully wanted their money back. Numerous PPI claims companies have been helping individuals make a claim. Since 2011, over £27 billion has been paid back to customers.

With the deadline now set in stone for August 2019, it’s important to know how to claim PPI before the deadline. Even if you don’t think you are owed PPI, it’s always important to check. Follow these simple steps and find out if you could be owed thousands of pounds from your bank.

Find out if you were sold PPI

Many people were unaware that they were sold PPI, so checking is the first step. If you have statements from your credit card or mortgage, check them for any insurance cover which you don’t remember agreeing to.

If you can’t find any statements, this doesn’t mean you should give up. A top creditor or PPI claims company will be able to help you find out the information. Even if you can’t remember the bank or building society you used, this shouldn’t be a problem.

Check All of Your Products and Collect the Information

If you know that you were mis-sold PPI or have located your paperwork, the process becomes even simpler. It’s important to check all of your products which may have had mis-sold PPI placed on it. Some customers made successful claims with more than one product.

Check Who to Contact

Many banks that were heavily involved in the PPI scandal are now owned by other companies. MBNA and Egg Credit Card, for example, have both been bought out or changed ownership. However, it is still possible to make a claim against these companies. Check their websites as soon as possible to find out the details needed to contact them.

Find the Best PPI Claims Company

You can make a claim against the bank by yourself. However, using a trustworthy PPI claims company means more time and less hassle for you.

Finding the best PPI claims company can be difficult. You should never feel pressured by a call from an unknown PPI claims company. Do your research first; look for a company with testimonials and one which offers the ability to make PPI claims on a no win, no fee basis. Some companies may have higher fees, but this doesn’t necessarily mean they are more likely to help you win your claim.

A claim can take a number of months to complete, which is why it’s important to start your claim as soon as possible. When the official promotion about the PPI deadline starts, it is likely to cause an influx of complaints.

If your claim is denied by the bank, but you strongly believe that you are owed a refund, it is possible to refer your case to the Financial Ombudsman. The ombudsman has a large backlog of PPI cases, meaning that it can take up to two years for a case to be resolved.

Whether you choose to go use this option, attempt to make a claim on your own steam or work with a top PPI claims company, start your claim now and receive money that is rightfully yours.

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