PPI... THERE’S STILL TIME TO MAKE A CLAIM

The Chronicle - - Your Money - CON­SUMER RIGHTS CHAM­PION JAMES WALKER

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 press@re­solver.co.uk or fol­low us on twit­ter @ re­solver­couk or face­book. com/re­solver­couk

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