PPI... THERE’S STILL TIME TO MAKE A CLAIM
IN two years’ time, it will all be over. On August 29, 2019, the deadline for making PPI complaints finishes, drawing the curtain on a saga that’s run for well over a decade.
We can turn the TV and radio back on without fear of endless claims adverts. No more pushy cold calls and text blags either (well, about PPI anyway). The biggest financial mis-selling scandal in recent memory will be over.
But surely everyone’s complained about their PPI policy by now? The simple answer is no. The scale of the mis-selling is huge, so here are a few of the killer stats.
It’s estimated that 45 million policies may have been sold.
£27.4bn has been paid out since 2011.
But some estimates suggest the final bill could be £100bn.
The banks have put aside £40bn to cover successful PPI claims.
Put simply, countless people may have had PPI added to their policy, despite it being unsuitable for them – and may never have realised it. This happened to one of the team at Resolver who made a claim to demonstrate how it works – and found out PPI had been added to two credit cards without his permission!
So, when I’m asked if PPI claims are just encouraging ‘compensation culture’, it’s easy to disagree.
You still have to make a complaint that’s looked at on its individual merits. And many PPI complaints are still turned down. But the majority are upheld.
But there’s one thing to remember above all else. Never, ever pay a claims manager to make a complaint for you. And here’s why:
They don’t improve your chances of winning – and with ‘cut and paste’ forms, many of them make it worse.
They charge you huge chunks of your compensation while still getting you to provide all the information.
You can do it for free through Resolver – and in a matter of minutes.
Countless numbers of complaints will be made to the banks and credit providers over the next two years. Now we know the banks haven’t exactly covered themselves with glory over the years when it comes to PPI, but it’s likely they’ll be overwhelmed with people getting in touch.
When I started Resolver, I wanted to make everything about complaints easier for people – and for businesses. The simpler it is to make a clear, focused complaint, the better the result.
So the team and I have come up with two new ways to help out with the main problems people face when making a PPI claim.
Loads of people don’t know they’ve got PPI so we’ve created a free tool where we can ask the business to sort through its archives to track down your policy. Once you’ve got the information, you can use Resolver to personalize the complaint rather than risk the ‘cut and paste’ or template approach to PPI practiced by claims managers.
And from August 29, 2017, if you’ve previously had a PPI claim turned down, you may be able to get the case looked at again thanks to a Supreme Court ruling. If you’re affected, the business should get in touch, but you can beat the rush with Resolver straight away.
Find out more about PPI and your rights at email@example.com or follow us on twitter @ resolvercouk or facebook. com/resolvercouk
Don’t waste money on claims firms – fill in a form yourself