How Long Is Left For Me To Claim PPI?
The clock is ticking, the deadline is approaching, and pretty soon – no matter who you are – you’re not going to be able to claim back a penny if you were ever mis-sold PPI (payment protection insurance).
The deadline for PPI claims is 29 August 2019– that is just eight months away.
While eight months might sound like forever away now, it’s not very long at all when you consider the fact that thousands of people are estimated to have not yet come forward with their claim. As August approaches, and people lodge claims at the very last minute, systems are likely to become overrun, and it could take longer than ever for your claim to be processed. That means, if you are owed money, it’s going to take ages for you to get it!
PPI compensation can range from a few hundred pounds to thousands. It completely depends on your own individual circumstances – and what type of policy you took out. The average claim amount is £1,700 though, which is by no means a small amount of money!
Many people don’t even remember ever taking out a policy. This could well be related to the mis-selling practices employed by your financial institution – many told their customers that PPI was a compulsory add-on required when taking out a loan, mortgage, credit card or other financial product. This was never true. It’s possible that you were never even made aware of the PPI you took out. Again – that’s mis-selling – and you are entitled to compensation, as result.
Another popular way in which customers were sold PPI was through store cards. Remember those? In the 1900s and 2000s many high street stores such as Topshop and Debenhams encouraged their customers to take out store cards, a type of credit card that gave you in-store rewards and benefits. While store cards aren’t so popular today, they were very common some years ago, and it’s possible you had a tonne you don’t remember about. If you had a store card, it’s very likely you were (unnecessarily) sold PPI alongside it. A PPI check done by a reputable financial claims firm should be able to uncover this information for you.
That’s enough of the facts for now. Let’s talk about what you can do with the money added to your bank account once your PPI claim is (finger’s crossed) successfully processed. Here are a few ideas…
GW client Mr Davies was delighted when he received a nice little top up to his family’s bank account balance after receiving compensation for a PPI policy he took out years ago. He used the extra cash to fund brand new carpet for the family home. There were even some funds left over, which will go towards new windows. Home improvements and even full-on renovations are a common way to take advantage of your PPI refund money.
Our clients often tell us they use the compensation to go towards:
- Home improvements, just like Mr Davies’ case
- Paying off debts, especially after the Christmas period
- A contribution to a house deposit they are saving for a house deposit
- A getaway or family holiday
- Money towards that much-needed new car
- Presents for yourself or loved ones
Remember - August may seem a long way off but it’s best to start your claim sooner rather than later, if you want to see your money sooner rather than later!
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