One month left to claim PPI

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 There’s just over a month to go until the PPI complaints deadline. The deadline is on 29 August – so time is running out to make a decision about PPI.

The PPI deadline

If you were sold PPI (payment protection insurance), but haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back.

SAVVY TIP: Your provider could be a credit card or store card company, a bank or building society or a car finance company. Check out the list on the website of the Financial Conduct Authority (FCA), to jog your memory, here.

The fact that the PPI deadline is only a month away means it’s really important to make your decision as soon as possible. I’m working with the FCA over the summer to highlight this deadline.

FULL DISCLOSURE: I’m being paid to do this, but I’m getting involved because it’s a campaign I am keen to support. It’s so important that anyone who thinks they may have a PPI claim acts before 29 August 2019.

How many PPI policies were sold?

Millions of PPI policies were sold in the UK, and many were mis-sold. Since January 2011, over £35 billion has been claimed back by people who shouldn’t have been sold PPI or who were charged a high level of commission.

Examples of mis-selling include:

  • PPI being added to your loan or credit agreement without you knowing.
  • Being pressured to take out PPI or told you must have it.
  • Being advised to buy PPI when you were unemployed or had a pre-existing medical condition, which would make it void.
  • Your bank or provider earning a high level of commission for selling you PPI. For more information on when you may be able to complain about a high level of commission, visit the FCA’s PPI website which has a section on high levels of commission.

PPI was sold alongside many forms of credit, including:

  • Credit cards
  • Store cards
  • Mortgages
  • Personal loans
  • Overdrafts
  • Hire purchase agreements
  • In-store credit

How do I check if I had PPI?

It doesn’t matter whether you still have the loan, credit or mortgage. Checking if you had PPI is simple and free. Don’t worry about paperwork; in order to get started, you just need your date of birth and relevant previous addresses.

As I mentioned, there is a comprehensive list of PPI providers on the FCA website.

What do I need to do by 29 August?

To make sure you don’t miss the deadline, you need to have started the claims process by 23.59 on 29 August 2019.

SAVVY TIP: You don’t need to use a third party company, such as a claims company. You can do it yourself.

Here are the steps:

  • Contact your provider directly online, by phone, by post or in a branch to make a complaint.
  • Your provider will look into your complaint. They may ask you for more information so make sure you give them your contact details.
  • Your provider must respond within eight weeks to tell you whether you have been successful and are owed some money, or to explain why they need more time to look at your complaint.

How do I complain about PPI?

Complaining is free and you can do this yourself by contacting the provider that sold you PPI.  Banks and other credit providers are obliged to make the process of claiming easy.

  • Online – most providers let you complain about PPI online.
  • Post – you can complain by post, if you prefer, but you’ll have to allow time for the form to reach your provider by 29 August.
  • Phone – providers’ hours of operation may vary. Some providers offer a 24-hour service, but others may not.
  • In branch – be aware of the opening and closing times of your local branch.

What information to include in your complaint

You only need your name, date of birth and full current address to get started. But, if you have more information, that will help. The FCA says that the more information you include, the quicker it will be for your provider to review your claim.

It suggests that, as a minimum, your PPI claim should include:

  • Your full name
  • Your date of birth
  • Your phone number
  • Your current address

You should also include the following, if you have this information:

  • Your previous addresses
  • Your PPI policy number
  • When you bought your PPI policy
  • When you took out the loan or credit product

Your circumstances at the time you bought PPI, such as employment status and the company or organisation you worked for are also useful, but not essential. For more information, or to get started, visit www.fca.org.uk/ppi or call 0800 101 8800.

Related articles:

How to claim for PPI with no paperwork

Payment protection insurance – how to reclaim mis-sold PPI for free

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