News, Culture & Society

Act now if you were mis-sold PPI as final deadline for submitting a claim nears 

Act now if you were mis-sold PPI as final deadline for submitting a claim nears

  • The deadline for submitting a claim is August 29
  • As many as 64million PPI policies have been sold in the UK
  • Most were sold between 1990 and 2010 but some go as far back as the 1970s 

The insurance was designed to cover repayments if policyholders were made redundant, died or became too ill to work

Time is running out for those who think they may have been mis-sold payment protection insurance as long ago as the 1970s.

If you believe you had loans or credit agreements such as an account with a catalogue company or a long-forgotten credit card – you could be eligible to make a claim for mis-sold PPI.

But you need to get your act together and apply soon. The deadline for submitting a claim is August 29.

The insurance was designed to cover repayments if policyholders were made redundant, died or became too ill to work. As many as 64million PPI policies have been sold in the UK. Most were sold between 1990 and 2010 but some go as far back as the 1970s.

It emerged more than 15 years ago that huge numbers of these plans were mis-sold. Many people did not know they had agreed to take it and others would never have been able to claim on a plan because they were self-employed.

About £34billion has already been paid in compensation and the banks are setting aside large sums for remaining claims. Just last week, Lloyds Banking revealed £100million more was being put aside.

More recent claims have centred on people who discovered they paid excessive commission on their policies. This is known as a Plevin claim and entitles anyone who paid more than 50 per cent commission to make a claim for the difference – plus interest.

Providers are required to make the claims process simple. Claims management companies advertise heavily that they can do the donkey work – but this could cost up to 30 per cent of a payout.

If you do it on your own but are rejected, consider taking the gripe to the Financial Ombudsman Service. A spokeswoman says: ‘Consumers don’t need to use a claims manager to bring a complaint to us – we’re free of charge.’ It will also continue to look at claims after the FCA deadline – so long as the initial complaint was made before August 29.

Sisters Jackie Jay and Chrissie Watson both used claims manager The Claims Guys – because they did not know if they were owed compensation. The company unearthed £125 for Jackie for PPI sold alongside the Littlewoods shopping catalogue in the early 1990s – of which she received £80. 

Chrissie did even better, netting £2,000 from several claims. Neither resent the payment to the claims firm. Jackie says: ‘I was grateful for anything as I didn’t even remember having the catalogue.’ Chrissie was thrilled and spent her compensation on a holiday. She says: ‘I had attempted a claim for the Next catalogue myself a few years ago but it came to nothing. But this firm got me compensation.’

More information on how to claim at fca.org.uk. 

 

Read more at DailyMail.co.uk


Comments are closed.