Consumers Urged To Check For PPI as Deadline Date To Reclaim is Announced

By PPI Wise

The cost of the payment protection insurance (PPI) misselling scandal has reached £37.3bn

The final deadline has been set by the Financial Conduct Authority (FCA) in an effort to draw a line under one of the banking industry's biggest scandals.

Millions of people have already been compensated and banks have set aside more than £40bn to cover the payouts. It is believed that many more are yet to come forward.

 The FCA said it would run a two-year public awareness campaign, starting in August this year, in an attempt to flush out the remaining complainants.

The imposition of a deadline is likely to lead to a fresh wave of text messages and recorded calls by those offering to make claims on a customer's behalf. # 

People seeking compensation over mis-sold payment protection insurance (PPI) will have to make their claims before 29 August 2019.

PPI was widely sold on finances — often without the customer's knowledge.

What is PPI? Payment Protection Insurance is a type of insurance designed to cover repayments on loans and credit cards in the event of an accident, sickness or unemployment. Often PPI was sold with a financial product without the customer's knowledge.

PPI was designed to cover repayments in the event of sickness, injury or unemployment. However, PPI was mis-sold because:

  • Consumers never asked for PPI
  • Consumers did not want PPI
  • Consumers did not know they were paying for PPI
  • Some consumers did not need PPI

If you have had any of the following, you may have had PPI:

  • Mortgage
  • Loan
  • Credit Card
  • Car Finance

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# Source BBC Business

* When we tell you that we have located your PPI, we will send you further paperwork to complete to start the claims process. Once you return the paperwork, or confirm over the telephone that you wish us to proceed with your claim, we will commence the claims process. If the claim is successful, our fee of 25% +VAT will be payable or, alternatively, you can complete the claim yourself. If the client terminates the agreement for any reason outside of the 14 day cooling off period the client may be responsible for payment of appropriate fees for work carried out

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