With little more than half a year to go until the PPI deadline, read our guide to help you get compensated without paying a penny – before it’s too late…
- 29 August 2019 is the deadline for you to claim back money
- This is Money has been campaigning since 2006 to help PPI victims
- Nearly £34bn has been paid out in compensation since January 2011
If January is meant to be the month when you resolve to get your finances in order, then it’s definitely worth thinking about Payment Protection Insurance, because the deadline to claim it was mis-sold is coming up sooner than you think.
The final chance for you to make a complaint about mis-sold PPI is 29 August 2019, which is just 30 weeks away.
It’s believed that more than £40billion worth of PPI was sold over 20 years, meaning that if you took out a credit card, loan, an overdraft or car finance between 1990 and 2010 you could have been mis-sold the cover.
Compensation: Find out how to claim the money you are owed without paying over the odds
But if you are going to go about seeing if you’ve got a claim or making one, ignore those cold calls and spam emails.
Firms offering to pursue your claim on a ‘no win, no fee’ basis offer nothing that you can’t do yourself and will take a hefty fee in the bargain.
Companies that mis-sold PPI often have processes in place to pay claimants quickly, and official channels have been set up for disputed cases.
This is Money has been campaigning against PPI mis-selling for 13 years, and advises that you reclaim any lost money yourself.
We have a whole article dedicated to helping you reclaim any money you lost through mis-sold PPI, that includes a template letter to send off to the company that you believe mis-sold you.
The FCA says the most commonly sold types of PPI were single premium policies on unsecured loans, which made up around 48 per cent of all PPI policies, followed by credit card PPI, which made up 36 per cent.
According to figures from the authority, £2.82billion was paid out in compensation in the first 11 months of 2018, with £415.8million paid out last January alone.
In total, £33.6billion has been paid out in compensation since January 2011.
WHY THIS IS MONEY FOUGHT TO BEAT PPI MIS-SELLING
This is Money launched its campaign to stamp out PPI mis-selling in 2006, a time when policies were still widely being wrongly pushed despite major concerns about them.
We had reported repeated incidents of mis-selling of PPI in the years running up to this and urged the industry to get its house in order.
Ultimately, we decided it was time to campaign for customers to fight back, by making it easier for them to reclaim mis-sold PPI.
Since then banks, building societies and other financial institutions have been found to have mis-sold PPI on a widespread scale and they have been ordered to pay customers back.
This is Money’s campaign, along with those of our peers, such as Which? and MoneySavingExpert, empowered ripped-off customers to fight back.
This was instrumental in finally ending widespread mis-selling.