Consumers only have one month left to claim compensation for mis-sold payment protection insurance
There is just one month left to submit a claim for mis-sold payment protection insurance.
These policies were meant to cover loan or credit card repayments if customers were too ill to work or lost their jobs, but many were so limited as to render them worthless.
Bank staff were paid to flog them between 1990 and 2010. Adverts from firms willing to assist with PPI claims have been criticised due to the commission they take.
There is just one month left to submit a claim for mis-sold payment protection insurance
Yet experts say many people have still not realised they are owed refunds. Policies were often attached to loan deals without a customer’s knowledge.
Eleanor Snow, of consumer group Which?, says: ‘People are receiving thousands of pounds of PPI compensation for a financial product they’d forgotten about.’
The insurance premium was added to store cards, mortgages, hire purchase agreements, overdrafts and catalogue shopping accounts as well as credit cards and loans.
Executors of a deceased relative’s estate should also check if there is a claim to make.
For help with a claim visit the financial regulator’s website at fca.org.uk/ppi or call 0800 101 8800.