Victims of PPI mis-selling have just one month left to lodge a complaint or risk losing the chance of ever getting their money back
- Payment Protection Insurance was often added to products such as mortgages
- The insurance was intended to protect people but it was widely mis-sold
- Customers were pressured into buying it or did not know they had it
- An estimated 64million PPI policies were sold in the UK
Britons have just one month left to complain to companies about being mis-sold PPI.
The deadline for filing a complaint is August 29 or customers risk losing the chance of getting their money back for ever.
PPI was often added to products such as store cards, credit cards or mortgages.
But the insurance, which was intended to protect people if they could not keep up with their payments – because of illness or unemployment, for example – was widely mis-sold.
The Financial Conduct Authority have released an advert featuring the animatronic head of Arnold Schwarzenegger warning people of the PPI deadline on August 29
Customers were pressured into buying it, did not know they had it or it was unsuitable for them.
Following a court case, people can also complain on the basis that high commission was earned from the sale of the policy but they were not told. This can be made even if they have had a previous complaint about PPI rejected.
PPI was often added to products such as store cards, credit cards or mortgages
An estimated 64million PPI policies were sold in the UK and the Financial Conduct Authority’s website includes a list of providers that sold PPI, including high street stores, building societies and supermarkets.
The FCA is also extending its PPI contact centre opening hours from next Monday.
Nearly 87 per cent of British adults hit a milestone during the 1990s and 2000s, such as buying a car, home or getting married, the FCA found.
Many will have taken out credit to cover the costs – with PPI potentially attached.
But 57 per cent found it difficult to remember important dates, the survey of 2,000 people revealed – raising the possibility many won’t be aware they can make a claim.
Emma Stranack, from the FCA, said: ‘Weddings, house moves, new cars and holidays are just some of the types of investments people commonly employ credit to help with.
‘If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider – you can search the FCA’s list at fca.org.uk/ppi.’