Not sure when the deadline is? Confused over how to make a claim? Not entirely sure what PPI actually is? Don’t worry – we’re here to explain everything you need to know.
If you’re owed any payment protection insurance compensation, we’re here to explain how you could make a claim before the upcoming deadline.
What’s this story about?
Payment protection insurance (PPI) is an added insurance policy that customers can take out when they open a credit account. It’s there to allow customers to continue to repay the credit if they’re unable to pay due to unforeseen circumstances, such as becoming ill or losing their job
It was revealed that many customers had paid for a PPI policy without even realising. Additionally, people were sold PPI even if they weren’t eligible to receive the cover.
Because of this, people can now claim their money back. So far, more than £35 billion has been repaid to customers who were mis-sold a policy.
How does this affect me?
If you’ve used credit over the last 30 years, there’s a chance it could have been sold with a PPI policy. This could be anything from loans and credit cards to overdrafts and mortgages.
Even if you willingly took out a PPI policy and felt you weren’t mis-sold – or if you can’t remember the policy being mentioned at all – there’s still a chance you could claim.
And with the deadline fast approaching, now’s your last chance to reclaim your money.
First things first, you can see if you’re eligible for a claim using Money Saving Expert’s free PPI reclaiming tool.
Then, you should contact the lender directly. There are plenty of free tools available online to help you draft your complaint if you're eligible to make a claim – for example, Money Saving Expert has a template you can download. Money Advice Service also have a handy document you can use.
Just be sure that you act fast and make your claim before 29 August.
Disclaimer: All information and links are correct at the time of publishing.