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With Christmas now under five weeks away, no doubt the last thing on your mind is the August 2019 PPI deadline. But while the deadline might seem like a long way away, taking the time to claim PPI earlier could prove to be beneficial.
In case you’re unaware or don’t know much about the PPI scandal, PPI stands for Payment Protection Insurance. Before 2010, it was sold alongside mortgages, loans, credit cards and more. The banks knew that this was a lucrative product so encouraged employees to sell it as much as possible. However, many policies were mis-sold. The mis-selling tactics included telling consumers it was compulsory or even adding it without the consent of the customer.
Did you know that millions of people have made successful PPI claims? Since 2011, the banks have refunded customers a total of £32 billion. Even customers who were never aware that they had PPI have made successful claims. This is why it’s so important to find out if you are one of the many more who can make a claim.
However, you might have seen Arnold Schwarzenegger’s robotic head on your television screen telling you about a PPI deadline. The Financial Conduct Authority (FCA) has imposed a cut-off date for all those wishing to claim. 29th August 2019 is the final day you can submit a claim.
But why bother? Well, here are just a few reasons why you should take the time to check if you were mis-sold PPI.
Extra Money for 2019
Finding money after Christmas can often be a struggle. Even if you’ve planned your finances for January, having an extra bit of cash is always welcome. The average PPI refund is £,1700. This amount of money can go a long way for individuals and households. Receiving this money at the beginning of the year can help you plan a holiday, pay an unexpected bill or add some money to essential savings.
Beating the PPI Claims Rush
After Christmas, consumers will have just eight months to contact the bank regarding a claim. It’s likely that the closer it is to the deadline, the more people who will be eager to process their claims. This could mean a backlog at the bank and a longer wait time for a result. If you want to beat the rush, apply as soon as possible. The bank should respond with an outcome within eight weeks of receiving your claim, but it could take much longer if the bank is busy. Lloyds is reportedly receiving 13,000 claims per week!
Reclaiming PPI Is Easy
Making a PPI claim can seem like a chore…how do you even know if you had it in the first place? It’s true that the process can take a few months, but it might not be as difficult as you initially thought. Finding your old financial paperwork is the key. Check if you have any old paperwork around the house from previous loans, credit cards or mortgages. Some store cards and car finance were even sold with PPI.
If you do find evidence of PPI on the paperwork, you can make a claim right away to the bank. Include the evidence and explain how the PPI was mis-sold to you.
If you don’t have your paperwork proving you were sold PPI, it’s not too late to find out. You can write to the banks and lenders you remember having financial products with and inquire about PPI on any products. The alternative is to find a reputable PPI claims company that can do this for you. All companies should operate on a no-win, no-fee basis, meaning you only need to pay if your claim is successful. A claims company can do all the work for you — meaning it’s one less thing to add to your to-do list.
The money really can make a huge difference, so start your journey to find out if you can make a PPI claim.
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