Time’s running out to claim your cash back
A LINE is set to be drawn under the PPI scandal after the City regulator announced a deadline for making complaints.
People have until August 29, 2019 at the latest to make their claim, the Financial Conduct Authority has said.
More than £26 billion has been paid out since January 2011 – and major banks have collectively set aside more than £35 billion to pay PPI compensation.
A PPI – or payment protection insurance – policy can cover someone’s loan repayments if they cannot work due to illness or a job loss.
But PPI was sometimes mis-sold alongside various types of loans and credit.
It could have been tacked on to a credit card or a store card agreement you had, for example.
In some cases, PPI was added without people realising it. In others, it was unsuitable or the customer felt pressured into taking it.
So, if you’ve been meaning to check whether you’re entitled to make a claim, here’s a simple step-by-step guide to help:
Have a rummage through your drawers. Dust off any documents that may contain evidence that could back up your claim.
If you think you were mis-sold a policy, complain directly to the firm that sold you the PPI.
You can do this yourself, for free, and there is plenty of help available online with making a claim.
MoneySavingExpert.com has a free PPI reclaiming tool at atmse. me/PPI. And consumer group Which? has help with reclaiming PPI at tiny.cc/WhichPPI.
If you aren’t happy with the response you get from the firm, you can take your complaint to the free Financial Ombudsman Service (FOS).
You’ll also need to provide some details to help it understand what has happened. Once the FOS has acknowledged receipt of your complaint, you don’t need to do anything else until you hear from it as it makes progress with your case.
More information is available at financial-ombudsman.org.uk.