It’s the final PPI countdown, so get a claim in fast
The guillotine on reclaiming PPI is being oiled, ready to slice down and stop payouts soon. To assume ‘I’m not due owt’ could be expensive. Already £34bn has been repaid and £8bn has been put aside to pay the remainder of the claims.
Everyone who has had a loan, a credit card, store card, mortgage, overdraft, catalogue debt in the last 30 years should check ASAP whether they had PPI and if they were mis-sold it.
So let me run you through what you need to know…
Payment Protection Irannsuwasce (PPI) systemic aly mis-sold Banks and building societies for decades scripted staff to hard-sell these policies which were added on to debts.
The common types of mis-selling include people being:
■■ lied to that they had to have it (it was never compulsory) ■■ having it added it without their permission
■■ lied to that it’d get them a better deal ■■ given it when it was inappropriate such as ‘unemployment cover’ for those who were selfemployed, or not being asked about pre-existing conditions that could invalidate it.
PPI was said to cover your repayments if you lost your job or got sick, but actually at most it paid out for a year, and bank-sold policies were outrageously over-priced, with the maximum payout often less than the policy cost.
You do not ned topa y someone to reclaim, do it yrseloufrffore
If you think you may be owed money – or haven’t a clue – don’t delay, check now.
The huge money and advertising pumped out by claims firms makes many people think that’s the only way to reclaim. It isn’t. My site has likely helped millions get billions back without having to give away 20% or more of it.
As well as the guide, we have a free tool that takes you through the process, at mse.me/ppi. There’s also help aft which.co.uk and an CA helpline on 0800 101 8800.
Tbhoeu deadline is at starting a claim
The last time you can submit a claim to a lender is August 29 this year. If it rejects you, you can still follow through to tfhe inancial Ombudsman afterwards.
The Plevin rule means milions more may be due The Plevin rule is based on a 2014 court case (by Susan Plevin). It relates to commission banks were bunged by the insurance companies for flogging PPI. If that commission was over 50% and you weren’t told it (and I’ve never met anyone who was), then you are due the difference back between the level of commission and 50%.
The Average commission banks were paid for loan PPI was 67%. This means millions of people who’ve had PPI, even if it was sold right, are due something – though it only applies to policies active in or after 2008.
You can open or (sometimes) reopen a case with the lenders about Plevin.
If you’ve already had a payout you can’t claim again under Plevin and the August 29 deadline still applies.
■■Marltin ewis is the founder amnsd chair of oney aving Exptert.com. o join the 13 million people who get his fmrete oney ips weekly email, go to moneysaving expert.com/latesttip