Over the last six years, £27.1 billion has been paid out for successful PPI claims. Banks and insurance companies have mis-sold payment protection insurance (PPI) to millions of people all over the UK who are yet to claim for it. Find out the facts about these key points before starting your PPI claim.
Despite the purpose of PPI claims to right a wrong and provide people with money they’re owed, it’s often a service that’s ignored or assumed to be spam. Banks have seriously suffered for past mistakes and it’s very likely that one or some of these indiscretions came at your expense. For many, PPI is a subject that they have little to no knowledge about, so here are some answers to frequently asked PPI questions to give you some more insight.
- How do I make a PPI claim?
PPI was sold in conjunction with credit cards, mortgages, loans and overdrafts, so if you have any of these, you may well be entitled to claim — and doing so is simple. Take a look at the paperwork you received for any of these services and check if payment protection insurance is included. At this stage, you might be surprised to see that it has been added; a sentiment shared by many people all over the UK.
A few banks failed to mention to customers that PPI wasn’t a mandatory addition, or even explain what it was. In this case, it’s the bank’s obligation to prove that they did inform you of the PPI and explain thoroughly what it was. If it’s determined they included PPI without your knowledge, you’ll be entitled to receive a payment, which may well be substantial.
- What if I don’t have the required paperwork?
If the paperwork you seek has been misplaced or accidentally thrown out, don’t worry: all is not lost. A PPI claims company will be able to help you acquire the necessary claims information and paperwork. All that you need to provide is your full name, date of birth, contact details and address. See: not as difficult or complicated as one would assume, is it?
If you’re claiming money back from a bank or company to which you’re no longer a customer, not to worry: you are no less entitled to claim. Whether you’re a past or present customer, it’s vital that you have the correct information for the time in question. If you have moved house or changed phone numbers, it will make things a lot easier at both ends and prevent any unnecessary delays.
- Should I use a PPI claims company?
A PPI claims company helps you through the application process by contacting the bank for you and attaining the necessary information and paperwork. You will have seen adverts for these companies on television and are likely to receive texts and phone calls at some point.
The Financial Conduct Authority (FCA) has stated that the deadline for anyone intending on making a mis-sold PPI claim is 29th August 2019. While this may seem like miles down the road from now, you can never be sure how long your request will take to process successfully, so getting the ball rolling as soon as possible is a smart move. For this reason, PPI claims companies are extremely beneficial, as they will handle all of the paperwork and contacting banks for you.
You’ll quickly notice that there is an abundance of PPI companies. To find the best PPI claims company to suit your needs — for example, if you’re on a tighter budget or have limited free time to organise paperwork — look for a company with a low fee and genuine testimonials. You may have heard of “no win, no fee PPI”; this means that if your claim is unsuccessful, you won’t pay a fee. Of course, this is the better option; otherwise, you may end having to pay a company and have no PPI to show for it.
With such an astounding amount of PPI already paid out by banks, it would be foolish not at least to check if you are owed money. The average payout for mis-sold PPI claims is £3000 (an approximate gross figure). The amount will vary depending on your own case, but with the potential to receive such a significant sum of money, it makes sense to start the claim process as soon as possible. The deadline date is little more than two years away, so getting started with your PPI claim soon is the smart decision.