Time’s run­ning out to put in a claim for PPI com­pen­sa­tion

The clock’s tick­ing on PPI com­plaints, writes Vicky Shaw. Here’s why you might have been mis-sold and how you can make a claim...

Western Mail - - PERSONAL FINANCE -

GOT an old PPI (pay­ment pro­tec­tion in­surance) in the past you’ve been mean­ing to com­plain about – or un­sure whether you’ve had it?

Well now’s the time to de­cide whether or not you want to make a com­plaint.

Put it off for much longer and it could be too late – the dead­line for PPI com­plaints is Au­gust 29, 2019.

More than £27bn has been paid out so far since rules were in­tro­duced in 2011 – and com­plain­ing could well be less has­sle than you think.

There’s no need to pay a com­pany to make the claim for you – plenty of free help is avail­able, but here’s our guide:

What prod­ucts might you have had that could have had PPI added?

As many as 64 mil­lion PPI poli­cies have been sold in the UK, mostly be­tween 1990 and 2010 – so there’s a wide range of prod­ucts where PPI could have been added.

You may have had PPI along­side a per­sonal loan, for ex­am­ple, or a credit card, store card, mort­gage, or through a big pur­chase bought on credit, such as a sofa or car fi­nance.

You may have had a home shop­ping ac­count, such as a cat­a­logue ac­count, which had PPI added.

Why might you be en­ti­tled to cash?

The Fi­nan­cial Con­duct Author­ity (FCA) has found that PPI was of­ten mis-sold in the past.

Tell­tale signs you were mis-sold in­clude if you felt un­der pres­sure to buy PPI or were told you had to have it, or you were told you were more likely to be ac­cepted for a loan or credit if you bought PPI.

An­other warn­ing sign could be if you were ad­vised to buy PPI de­spite be­ing self-em­ployed, unem­ployed or re­tired.

In some cases, PPI was also added to peo­ple’s poli­cies with­out them agree­ing to it at all – so you may have had PPI even if there was no dis­cus­sion about it.

As well as mis-sell­ing, you may also be able to make a claim if who­ever sold you the pol­icy earned a high level of com­mis­sion from the sale of PPI, but didn’t tell you when you bought it.

What should you do if you have a com­plaint?

Firstly, get your ev­i­dence in or­der. Go through any old pa­per­work which may have de­tails such as ac­count num­bers, de­tails of who the pol­icy was with and old ad­dresses.

If you haven’t got much pa­per­work, you can also con­tact the firm you think you had PPI with to ask for any de­tails they may have.

Who should you com­plain to? In the first in­stance, con­tact the fi­nan­cial busi­ness that sold you the PPI.

Give as much de­tail as you can and ex­plain why you think you are en­ti­tled to your money back.

You can com­plain on the web­sites of many firms, as well as by phone, post or by go­ing into a bank branch.

Some providers may have since changed their name or owner.

If you aren’t sure, you can email the FCA at ppi@fca.org.uk.

Con­sumer help bod­ies like MoneySav­ingEx­pert.com and Cit­i­zens Ad­vice have free help and in­for­ma­tion on their web­sites which can help you to com­pile a let­ter of com­plaint.

What if you’re not happy with what the firm says and/or your com­plaint gets re­jected? Af­ter the firm has had a rea­son­able chance to look into the com­plaint, if you’re still not happy, you can go to the free, in­de­pen­dent Fi­nan­cial Om­buds­man Ser­vice (FOS), which can take a fresh look.

With nearly two years to go, can’t you just leave it a lit­tle longer? It’s best to do some­thing as soon as you can.

Although Au­gust 29, 2019 is the gen­eral dead­line for PPI com­plaints, in some cases peo­ple may have less time to com­plain.

It may also take a while to have a rum­mage round and find any old doc­u­ments that may show you had PPI.

Gen­er­ally speak­ing, your bank or other provider must re­ceive your com­plaint by Au­gust 29, 2019 – oth­er­wise it’s good­bye to your PPI com­plaint.

> As many as 64 mil­lion PPI poli­cies have been sold in the UK

> The dead­line for PPI com­plaints is Au­gust 29, 2019 – with more than £27bn be­ing paid out sin e 2011

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