Five reasons why you must check if you have PPI in 2018
Time is running out
The Financial Conduct Authority (FCA) has set a final deadline of 29 August 2019, after which consumers will no longer be able to reclaim mis-sold PPI. This deadline is absolute. In fact, late last year, the deadline was legally challenged by claims management firm We Fight Any Claim. The firm said the deadline was unfair and would result in many people missing out on reclaiming the funds they deserve. However, the Court of Appeal ruled otherwise - the deadline will not be reviewed or appealed again.
That means, the sooner you make your claim, the better (as the system will likely become very jammed towards the latter end of 2018 and into early 2019)! The clock is ticking…
Claims are on the rise
As soon as the PPI deadline was announced, complaints about possible mis-selling jumped by almost a quarter! In the first half of 2017 following the deadline announcement, 1.1 million people complained about PPI. That is compared to just 899,000 in the second half of 2016.
These figures indicate that, as the deadline looms, more and more people are likely to lodge PPI claims and a backlog could develop. To avoid undue delays and unnecessary stress, make your claim early in 2018.
PPI is the most complained about financial product, ever
No other financial product has attracted as many complaints as payment protection insurance. Literally billions of pounds in redress have been paid to consumers. PPI is the biggest financial mis-selling scandal of all time, the team here at GW believes. Checking your PPI should be a standard and simple process for everybody, although if you were lucky enough to be born before 1991 you are unlikely to have PPI - the same as say, checking your grocery shopping receipt or the change you receive back from a sales assistant.
The banks are keeping your money, for no reason
Around 64 million PPI policies were sold. However, just 12 million people have claimed, the FCA says. As such, banks and lenders are unfairly holding onto money that you could well deserve back. Why let them?
There are so many ways you could have been mis-sold PPI, without even realising
Some old policies agreements used tick-box agreements where you actually had to ‘opt out’ of PPI, not ‘in’. PPI could have been sold to you through a mortgage, loan, credit card, store card, car finance deal and many other financial products. You may not even remember taking out one of the aforementioned! The easiest way to find out is to let a reputable firm run a free check for you. That way, you will know for sure. It’s then your decision whether you pursue a claim or not.
For more information about our free PPI check service, please phone us on 0345 373 3737, email firstname.lastname@example.org or fill out our online enquiry form.
at time of publication.