The deadline for claiming back PPI is looming. For real this time. No, seriously.
Despite being bombarded by adverts on the radio since the beginning of time, there is finally just one month left to complain to firms about PPI mis-selling. As many as 64m PPI policies were sold between 1990 and 2010. Banks and other financial institutions pushed the policies alongside loans, credit cards and other deals. They told their customers that it would help them repay their debts in the event of sickness or unemployment. Disconcertingly, there was often exclusions in the small print which meant that customers should never make a claim.
If you think you have been mis-sold PPI, you have until August 29, 2019 to get your complaint in to financial firm, otherwise you’ll lose any chance of getting your money back.
The Financial Conduct Authority is keen for potential customers to think back to the 1990s and 2000s when the transactions may have happened. If you think it could be you, then it’s no small matter, as over £35bn of compensation has been paid to people so far.
Emma Stranack, who leads the FCA PPI deadline campaign, said: “With just over four weeks to go until 29 August 2019, we’re asking people to cast their minds back to the 90s and noughties and what might have caused them to take out a loan, credit card or other finance agreement.
“If this rings a bell and you think you might have been mis-sold PPI, the next step is to identify your provider – you can search FCA’s list at fca.org.uk/ppi. Providers have online tools that make PPI claims simple and will help you through the process.
“It’s free to do yourself and you don’t need to worry about paperwork. You just need your date of birth and previous home addresses to get started.”
On the site you’ll find a massive list of providers that have sold PPI including high street stores, catalogue firms, building societies and supermarkets. These include Argos, ASDA, Barclays, Comet, Harvey Nichols, JD Sports, Mothercare, Paypal, RAC, Tesco Bank, Top Shop and Woolworths.
Get your mitts on a few of these Credit: PA
The FCA is also extending its PPI contact centre opening hours from August 5 to 8pm on weeknights and 5pm on Saturdays to provide further support to consumers.
Research suggests that 72% of UK adults hit a “significant milestone” during the 1990s and 2000s that might have required taking out a financial product linked to PPI, so if you haven’t already, head over to fca.org.uk/ppi.