The PPI deadline you need to know about. Hurry!
If you’ve been putting off getting back your mis-sold PPI, you might not want to wait any longer. You could be owed a cash refund from your bank and you only have until the deadline of 29th August 2019 to claim PPI back from your bank.
Banks are really giving back the mis-sold payment protection insurance since a court ruled that most people were tricked into adding the insurance, when they really didn’t need it. Even those who understood exactly what they were signing up for are still liable for refunds, as banks were proven to be pocketing excessive commission from anyone who had PPI.
Banks have set aside £40bn to cover the pay outs. Your money could be sat there waiting for you to make a claim. If you don’t make a claim by the deadline, you’ll not be able to again. Don’t think it’s not worth it, the banks have already paid out over £20bn in compensation to people like you and I.
I claimed mine back quite a while ago when the scandal was first realised. A few letters to my bank, back and forth, and eventually they paid back what I was owed. It was quite a few years back, but I’m certain it was around £500 paid straight into my bank account. Technically it was my money anyway, but it was a nice lump sum to receive.
Unfortunately if you’re owed money, you have to claim it yourself. The banks will not simply return the cash to you. This means actively requesting the money back from your bank and it’s this process that puts most people off. The banks may initially refuse your claim, but you can appeal the decision via the Financial Ombudsman Service. If your claim has been rejected, don’t stop there. It took me several letters to claim my PPI back and for some they have to take it even further.
Luckily, there are also companies that will sort all the paperwork for you and simply pay the compensation to you once the claim is awarded. They’ll take a small fee, sometimes only 15% of the monies awarded. If you can’t be bothered to do all the legwork yourself, then definitely find a trusted company to take care of getting your money back for you. Many operate on a no-win no-fee policy, so you’ve got nothing to lose.
Check your old bank, loan and credit card statements to see if you’re owed a refund and get the ball rolling before you run out of time!
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