Time is running out on PPI
There surely can’t be anyone in the UK who does not know about PPI – payment protection insurance – and the way it was missold to people when they borrowed money.
But there is a deadline to claim for compensation and it’s coming up fast. By this time next year all claims for PPI will be ruled out of time.
As many as 64 million PPI policies were sold from as long ago as the 1970s, and were supposed to cover loan repayments if the borrower fell ill or lost their job. The problem however was that many of them were pushed on people who didn’t want or need them, or who couldn’t even use them.
That’s if people knew it was being added to their loan in the first place – sometimes it wasn’t even mentioned.
Around £31.9 billion has already been paid out in compensation since the mis-selling scandal became obvious and the big banks have set aside billions more for future claims.
But with the deadline looming the urgency to get your claim in, if you believe you have one, is growing more acute. So be prepared for many more cold calls from claims companies who want to help you get that money back – as long as they get a hefty slice of it for themselves too.
And of course the banks don’t exactly make it easy to claim either, with some performing far worse than others. Which? research has shown that RBS group were the hardest to deal with in making a claim according to 24 per cent of those we surveyed, followed by Nationwide and Lloyds.
On the other hand, HSBC and Barclays proved more straightforward.
So don’t be put off. If you have a claim, make sure you get it in as soon as possible. Write to the company explaining why you were missold and ask for a refund plus interest.
There’s no time to delay – and there’s no need to use expensive claim firms. Visit our website https://www. which.co.uk/consumerrights/advice/how-to-reclaim-mis-sold-ppi and use our free tool to kickstart the process with just a few clicks of a mouse. You never know what might be the end result.
Send me your consumer queries to askalex@which.co.uk