The clock is ticking.. – ** PPI Deadline Date is 29th August 2019 ** – Start your claim now!
The world of PPI claims has exploded over recent years, with many people discovering just what a PPI check can mean for them.
Have you ever taken out a loan, catalogue account, credit card or other financial borrowing or loan agreement? If you have then you may want to perform a PPI check to ensure that you haven’t been mis-sold PPI alongside the agreement.
What is PPI?
Payment protection insurance, also known as PPI is an insurance that was sold with financial agreements up and down the country. It was offered as protection against sickness or unemployment that resulted in the borrower becoming unable to make their planned payments.
The policy was supposed to ensure that payments would continue to be made on behalf of the borrower; however, it soon became apparent that policy holders were facing an issue when it came to making a claim. Particularly those who were self-employed or who were retired.
Investigations into PPI discovered that these particular policies were being mis-sold and that the financial institutions who sold them (namely banks) would be required to compensate the policyholders for the premiums that they paid.
Why should I perform a check for PPI?
One of the biggest reasons to perform a PPI check is for the financial reward. It is thought that claims for mis-sold PPI often amount to around 15% of the balance of the loan and for some people this could be as much as 30%.
With this in mind it is easy to see how the amount can build up, making it completely worthwhile putting in the effort to make the claim.
What next for my PPI check and PPI claim?
There are a number PPI claim companies who can offer you the help you need to get back the money that relates to a PPI claim. They are often on a “we fight any claim” basis and they will be experts in helping you to make your claim.
They will take responsibility for all of the aspects of making a PPI claim including communicating with the lender and tackling any possible issues that come up.
If you want to take a more hands on approach then you can decide to process your PPI claim yourself, however it is important to remember that you won’t benefit from the expertise that a PPI claim company can provide you with.
In order to do this the first step is to phone or write to the company that you believe mis-sold you your PPI policy. Many larger lenders, those that have already paid out on PPI claims, will have any easy to follow process in order to make their claims and some can be dealt with entirely over the phone.
There are those lenders that may be slightly trickier to claim for PPI through, and for those particular lenders it may be worthwhile approaching a PPI claims company to process the claim on your behalf.
Remember the PPI deadline!
** PPI Deadline Date is the 29 August 2019 **
Recently, there have been announcements made in the world of PPI claims that could have an impact on pay outs. The FCA have just announced that there will be a PPI deadline on making PPI claims, which means that it could soon become too late to put in your claim and get the money that you are entitled to. That date is the 29th August 2019, the official PPI Deadline.
Chief executive of the FCA, Andrew Bailey said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off.
“We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.
“We have carefully considered the feedback we received and we still believe that intr
oducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”
Don’t in silence wondering whether you are able to make a PPI claim, instead shout loud and clear, making sure that you get the money that you are entitled to; all before it becomes too late.