Why Now Is the Time to Check If You’re Owed PPI

On average, the payout for a PPI claim is approximately £3000 — and there’s a likelihood that you’ll be owed a similar amount. That figure alone should be all the motivation needed to at least check if you’re owed PPI, but that’s not the only reason to keep in mind…

You will likely have already heard of Payment Protection Insurance (PPI) claims, but what’s less likely is that you will have claimed for it yourself. Most people are aware of PPI claims thanks to the abundance of adverts on TV, phone calls and text messages. Due to the sheer volume of spam-style promotion, it has created the misconception amongst many that claiming for PPI is a pointless endeavour or scam.

In reality, though, the PPI scandal is one the biggest of its kind, with banks charging millions of customers for unnecessary payments. So, there’s a good chance you will have been mis-sold PPI and now’s the time to check. Here are a few reasons why you should check if you’re owed PPI, as well as some advice on how to go about it.

There’s a Good Chance You Will Have Been Mis-Sold PPI

You may have noticed PPI claims in the news a lot more recently, which is due to the almighty scandal of banks mis-selling PPI to their customers — £21.7 billion over the last six years, in fact. While it’s great that they are now paying back for their mistakes, such a significant amount gives you a clearer idea of just how widespread the scandal is.

Payment Protection Insurance is sold along with loans, mortgages, credit cards and overdrafts. PPI is meant to offer financial security if it becomes difficult to make repayments, such as if you become ill or lose significant earnings. The issue was that, for a number of years, banks did not inform their customers that they were adding PPI to their purchases, or pressured customers into taking it.

If you have purchased any of the above, there’s a good chance you’ll be owed PPI, but if you fail to claim for it, that money will remain in the hands of the bank.

The Amount You’re Owed Could Be Substantial

The average payout for PPI claims is approximately £3000. Let that sink in for a moment. A successful PPI claim isn’t winning a prize, or the lottery; it’s your money that has been wrongly taken from you and won’t be returned unless you claim for it. Banks have already paid out billions for mis-sold PPI and they’ll continue to do so as long as people are convinced to claim.

No matter what your financial situation is, £3000 is a lot of money — money that could put to good use. Paying off debt, taking a chunk out of your mortgage, redecorating your home, or splashing out on a new car; all of these goals could be achieved by claiming back PPI. Of course, it’s not guaranteed that your application will be successful, but it would be crazy not at least to check, wouldn’t it?

A PPI Claims Company Are Ideal to Save Time and Hassle

You’ve probably seen adverts for a number PPI claims companies by now due to the PPI scandal. After all, there are plenty of reasons why they are such a publicised and popular option for those wanting to claim back PPI.

Although it’s possible to claim successfully without a claims company, the time you will save and hassle you’ll avoid will be invaluable. This is especially beneficial if you’re someone who doesn’t have a lot of free time on your hands. Working with a top PPI claims company also means you have experts on your side who can help you throughout the process, preventing you from becoming snowed under with legal jargon.

 

A PPI claims company will contact the bank for you, get hold of the necessary paperwork if you have lost it and make the whole experience much quicker and simpler. It’s vital to find the best PPI claims company to suit your needs. For example, if your budget is tight and you’re concerned about money, making sure your chosen company offers no win, no fee PPI is essential. This means that if your claim is unsuccessful, you won’t pay a penny.

There’s a Deadline for PPI Claims

If you are yet to claim for PPI or even entertain the idea of doing so, it’s worth noting that the Financial Conduct Authority (FCA) has put a deadline in place for PPI claims. From this date, you’ll be unable to claim for mis-sold PPI and the potential thousands of pounds that you’re owed will no longer be yours to claim back.
The date to mark down on your calendar is August 29th 2019. This deadline may seem a while away, but it will sneak up on you if you leave it too long. There’s an even better chance of it doing so if your claim ends up being a particularly long process, which is why a PPI claims company will prove to be a vital asset. The sooner you claim, the sooner you’ll know if you’re owed PPI and, from there, you can get the ball rolling on making a claim.

 

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Thinking Thrifty

David Jack Taylor is the founder and editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
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