You’d probably be forgiven for thinking that the PPI scandal was done and dusted, given the amount of time it seems to have gone on for. However, that is not the case, in fact it’s far from over – there is still time to claim back what is rightfully owed to you.
Even though the FCA are considering putting a deadline on PPI claims, this isn’t expected to be put into place until 2017 at the earliest, and even then it is expected to be a final announcement confirming a definite deadline for 2019.
The banks have seen a deadline coming for a while now, which means that they have further increased their provisions – although those provisions are based on a deadline being set in 2018, which was formerly suggested.
Why Was PPI Such a Scandal?
PPI stands for payment protection insurance. If you have a loan, credit card or mortgage covered by PPI and you’re unable to make the repayments because you’ve been taken ill or you were unemployed for any reason then the insurance would be able to cover the repayments that you’re unable to.
Unfortunately, as noble as the original intentions were, millions of these policies were sold over the last couple of decades, this is because the sellers made more for the insurance companies and banks than the payout would cost. When the banks realised this they were very quickly incentivising their sales staff to push customers into purchasing PPI – regardless of suitability.
Research Your Finances
The most important thing to do is to investigate your previous financial records, and get as much detail as possible – this means account numbers, payment details, statements, interest charges, anything you can find to help prove you’ve been mis-sold PPI.
Is Claiming Back PPI Complicated?
It wouldn’t be fair to suggest that managing your own PPI claim is simple – the process is simple, but depending on the claim and how old it is, it can be really difficult to source all the relevant paper work by yourself.
This is where a company like PPI Refund comes in, we are able to source difficult to find paper work and process a claim on your behalf.
So if you believe you were mis-sold visit out free claims check page and begin the process now.