The deadline to claim for mis-sold PPI is 29 August 2019. Here’s a simple guide on how to check and potentially claim money back for PPI yourself.
Skint Dad is an ambassador of the FCA’s PPI Deadline Campaign
Time is running out: if you were mis-sold PPI, you may be eligible to make a complaint and claim money back.
Now is time to find out how to search for a provider, check if you’ve had PPI and make a PPI complaint for free.
If you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI.
You can find a list of PPI providers on the FCA website. Visit www.fca.org.uk/ppi or call 0800 101 8800.
What is PPI all about?
PPI, or Payment Protection Insurance, is a type of insurance that covers your credit repayments if you were unable to pay due to an accident, sickness or unemployment.
The PPI cover would have been added to credit products like mortgages, credit cards, overdrafts, loans, car finance, store cards and catalogue accounts.
Sounds perfect, and potentially useful…however, millions of these policies were mis-sold, or people didn’t even know they were paying them in the first place! Plus, some banks and providers were making a high commission, which they didn’t tell you about.
Because of this, there are lots of people (maybe even you) who can look to claim the money back.
Some £35.3 billion has been claimed already, but you’ve only got until 29 August 2019 to decide whether or not to make a complaint.
Luckily for you, it’s simple and easy to do.
PPI deadline: 29 August 2019
Visit www.fca.org.uk/ppi or call 0800 101 88 00 to get started on your PPI compensation claim.
How to check if you’ve had PPI
You may not have known you had PPI, which means the PPI cover may have been mis-sold to you. If this is the case, you’re able to put in a complaint to the provider to claim your money back.
Half the trouble can be working out who you’ve had credit with.
Look at old statements or credit agreements; it may show as PPI, but it may even be something like “account cover”, or “loan protection”, or even “credit insurance.”
If you’re struggling to remember who has lent you money in the past, take a look at a free credit report and look at your account history.
Even if you don’t have any paperwork or account numbers anymore, it’s not a problem.
All you really need is your name, date of birth and current/previous addresses.
Many banks and credit providers offer online checking tools so you can see if you’ve paid PPI in the past.
Need help with your PPI complaint?
You can find a full list of PPI providers on the FCA website.
Visit www.fca.org.uk/ppi or call 0800 101 88 00.
How far back can I complain about PPI?
You’re able to make a complaint about PPI as far back as you’ve had credit products – there is no cut-off. Most PPI was sold between 1990 and 2010, though some was sold as far back as the 1970s.
You might have heard that some firms dispose of your paperwork after six years, but don’t worry. Banks and credit card companies must not dismiss your complaint about PPI purely because you don’t have any paperwork. All you really need is your name, date of birth and current/previous addresses.
Imagine this: you took out a store card in 2002, racked up some debt, had PPI added without your knowledge, struggled to pay it back, but managed to get debt free and close the account in 2011 (well done!). The credit provider who gave you the store card would then need to keep paperwork related to you and your account until at least 2017.
So, today, if you’ve sensibly shredded the old statements, it may be slightly trickier to claim back money for PPI, but it is still worth complaining to your provider before the deadline.
You might well have paperwork floating around in a box in the loft, or at the back of your wardrobe, so do get your claim in with your name, date of birth and current/previous addresses before the deadline and you can seek this out later if you need to.
However, if you took out a mortgage in 2002 and are still paying it back, they will have a record as you’ve still got an open account.
How to complain about PPI
If you were mis-sold PPI, you’re able to put in a complaint directly with the company for free.
Remember, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI.
Banks and providers must make complaining about PPI simple, so there are lots of ways you can make a claim.
If you’re not totally sure but think you may have had a credit product with a provider, it’s still worthwhile checking.
- Complain: online (many banks and larger providers offer tools on their websites), by post, by telephone or in branch
- Tell them: your full name, date of birth, phone number and current address. Also, give them your previous address, and ideally the PPI policy number (if you still have it), when you took out the product and what your circumstances were when you had it (working, self-employed etc)
- Why you’re complaining: let them know that you were mis-sold PPI (here’s a full list of reasons) or that they earned a high level of commission (you can re-claim for this, even if you’ve had a claim rejected for mis-selling in the past)
Then, you need to sit back and wait. The bank or provider must respond to you within 8 weeks. The run up to the deadline is likely to be a particularly busy period for providers. However, within 8 weeks of your provider receiving your complaint, you should either receive a final response or a communication outlining when you can expect a final response. The FCA is encouraging people to contact their provider directly for more information.
It doesn’t matter if you wait until the final day of 29 August 2019 to complain about PPI, but if you wait one day more, you won’t have the potential to claim back any money.
How to find a PPI provider
Not sure where to start or who to make a PPI complaint to? Don’t worry about it.
While you may have been paying PPI to one bank or credit provider in the past, another business may have taken over responsibility for it. The FCA has the details of the new company so you can get your complaint to the right people quicker.
Have a quick search, and you’ll be given all the different contact options.
To make things simpler, the FCA also has a free template PPI complaint form (DOC file), so you don’t need to write a letter from scratch and hopefully won’t miss a thing!
Time is running out to make a PPI complaint.
The deadline is 29 August 2019.
You can complain for free by contacting your provider directly.
Visit www.fca.org.uk/ppi or call 0800 101 88 00 to get started.
Naomi knows the burden of living on very little and became debt free by learning from past mistakes and following her own money saving tips and tricks. She is studying a Level 2 Certificate in Awareness of Mental Health Problems and is a Youth Mental Health First Aid Champion.