It’s the final PPI countdown, so get a claim in fast

THE guillotine on reclaiming PPI is being oiled, ready to slice down and stop payouts soon. To assume ‘I’m not due owt’ could be expensive. Already £34bn has been repaid and £8bn has been put aside to pay the remainder of the claims.

Everyone who has had a loan, a credit card, store card, mortgage, overdraft, catalogue debt in the last 30 years should check ASAP whether they had PPI and if they were mis-sold it.

So let me run you through what you need to know… 2014 court case (by Susan Plevin). It relates to commission banks were bunged by the insurance companies for flogging PPI. If that commission was over 50% and you weren’t told it (and I’ve never met anyone who was), then you are due the difference back between the level of commission and 50%.

The AVERAGE commission banks were paid for loan PPI was 67%. This means millions of people who’ve had PPI, even if it was sold right, are due something – though it only applies to policies active in or after 2008.

You can open or (sometimes) reopen a case with the lenders about Plevin.

If you’ve already had a payout you can’t claim again under Plevin and the August 29 deadline still applies. Martin Lewis is the founder and chair of MoneySaving Expert.com. To join the 13 million people who get his free Money Tips weekly email, go to moneysaving expert.com/latesttip