What's The Most Important New Year's Resolution?

Published: 10/01/2019

This year is your absolute last chance to claim back any compensation that you may be owed due to mis-sold PPI (payment protection insurance). 

So far, £31.9 billion has been paid out to consumers. 

The deadline to complete PPI claims is 29th August 2019. After this date, you will no longer be able to claim a penny for mis-sold PPI, even if you have several policies. Even if you have lost your loan paperwork, a reputable financial claims firm can determine whether you once were sold PPI by using their expert knowledge of dealing with banks and financial institutions. 

January has only just begun, so it may seem like you have plenty of time to make a claim before the August deadline. However, as we near closer to the PPI deadline date, banks are likely to become inundated with last-minute claims from people who have been putting it off. As a result, your claim could well take much longer to be processed, and may not be processed at all if you can’t get it to the lender, with all of the information required in time. If you are due money back, it may not arrive until well into the New Year. 

Don’t forget - even people who have checked for PPI policies previously may still be owed compensation. That is because some banks and financial institutions wrongly advised customers that they had never taken PPI, due to various administration and technical errors. 

PPI compensation can range from small sums to thousands, or even tens of thousands (and we have dealt with one case where the refund was more than one hundred thousand pounds. It depends on your individual circumstances. A good financial claims solicitor can help you to get back the money that you are owed. 

Claiming compensation for a mis-sold PPI is a basic consumer right. 

Some other reasons we can think of to do a PPI check this New Year include:

• A PPI refund means extra cash. Think of how that could help you out, New Years Resolution-wise! Home renovations, travel ambitions, self improvement goals, fitness memberships, more books on your nightstand, and the list goes on… There are so many ways you could put that (well deserved) money to use. 

• A house deposit. Dreaming of finally jumping on the housing ladder in 2019? You will be surprised how even a few extra pennies in your bank account can really contribute to you finally saving enough for a deposit. Seeing those few thousand pounds generating interest in your savings account can also be a great motivator to really get your mind in the game as the New Year sets in. For more information on our conveyancing services (we have almost 35 years’ experience in the area!) and how GWlegal can help you fulfil your housing dreams, click here for more info.

• Gifts galore. Post-Christmas, there are still plenty of sales happening across the High Street where you can find great bargains. While we always condone a little healthy spoiling yourself, you could also take advantage of the sales to get really organised this year. Write a list of all your closest loved ones and their birth dates. In ascending order (closest birthdays to those furthest away), start shopping. 2019 is bound to be so much less stressful if you don’t have to worry about what to buy your boyfriend or best friend for each and every special event. Plus, you could save some big pounds. 

• Clear your debts. What could be better than entering 2019, worry (and debt) free. Your PPI compensation could see you clear all those pesky debts from the previous year, giving you the freedom to truly control your financial situation in the new year. 

Don’t delay - the time to finally tick a PPI check off your to-do list has arrived. 

For more information about PPI and how to claim before the deadline, read our article, When Is The PPI Claims Deadline? 

Who are GWlegal?

GWlegal are a financial claims solicitors based in Liverpool, specialising in PPI, pay day loan claims, packaged bank account claims and housing disrepair claims.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 or email us at hello@gw.legal with your question.

Who are GWlegal? We’re a national firm with local values.

How Do I Make A PPI Claim?

Content correct at time of publication.