Checking PPI Eligibility
Payment Protection Insurance (PPI) was mis-sold to millions of customers but only a small percentage of people who may be eligible for a PPI refund have filed complaints. Millions of people who could get refunds may not know that they’ve been paying for this repayment insurance. So, it would be worthwhile to find out about your eligibility since from £25 to £30 billion could be refunded by banks and other financial institutions.
PPI Story, Briefly
This repayment insurance was routinely sold with loans and credit cards with the idea that the insurance would make payments if the customer lost his or her job or became ill and couldn’t meet their expenses. Many of these customers weren’t told that the bank or other financial institution was adding the cost of PPI to their loans. In some cases, policies were sold to people who would not have been eligible to make claims.
PPI policies usually included coverage for unemployment, but some people were self-employed or retired when the policy was sold. This means that the coverage was of no use to these individuals, who could now be eligible for a refund on a mis-sold policy. Consumer groups first started following the issue, but the Financial Services Authority (FSA) became involved and established new rules on the sale of PPI.
The FSA informed lenders that they should re-assess complaints and review PPI sales. A High Court challenge by the banks was not successful. A deadline for filing complaints has been established by the Financial Conduct Authority (FCA): 29 August 2019. The office will also conduct a public awareness campaign beginning in August 2017 in the hope that more consumers will pursue the refund process.
Some PPI Correctly Sold
Some policies were sold correctly so not every person with PPI will be eligible for compensation. But the FCA noted that millions of people were mis-sold. While banks are contacting many customers, it might be wise to get help from specialists who have been through the process numerous times. You can get started by gathering the paperwork and information that you might need.
Then you can visit the website to learn more about the process. Use the simple and convenient online form and you’ll soon receive a package that will contain what you need to continue. But there will be no cost to you and you have no obligation to go any further. If you’re concerned about not having the right paperwork or written proof, don’t hesitate to get in touch with a company that has already helped thousands of people file successful claims.
After you become a client, you’ll have access to a team of specialists who can answer questions and help move the process forward more quickly and efficiently than you could do on your own. Keep in mind that making a claim or finding out how much you are owed is relatively easy with the right assistance.
If you’ve had a loan, mortgage, or credit card in the recent past, you should start learning about PPI and eligibility immediately.
Figures in this article were based on our updated QA page: www.hidenda.com/qa and http://reclaimppiguide.co.uk/