- The UK’s PPI deadline is 29th August 2019
- After this cut-off date, you will not be able to make any PPI claims or receive any compensation
- PPI is short for Payment Protection Insurance, which was a policy that was widely missold in the UK by banks, mostly between 1990 and 2010, to people who did not need it
- Over £29 billion has been paid out to individuals since the scandal was unearthed
- PPI complaints rose by a massive 40% last year, seeing firms forced to pay £415.8m out in reparations
When is the cut-off date, and what does this mean?
The UK 2019 PPI deadline is fast approaching – in fact, there are just months to go with the final UK cut-off date being 29th August 2019. After this, you will not be able to make a PPI claim nor receive any compensation.
What is PPI, and how were policies mis-sold?
PPI stands for Payment Protection Insurance which is a legitimate policy that was unfortunately largely mis-sold across the UK. With some cases dating back to 1990.
PPI was designed to cover repayments in certain circumstances where you couldn’t make them yourself. For example, if you were made redundant or could not work due to an accident or illness.
As many as 64 million PPI policies have been sold in the UK, and a huge part of this figure includes schemes that were wrongly sold by banks to customers who did not need them, or who were put under pressure to sign up. In some cases, it has been recorded that agents selling the scheme even enrolled people without their permission.
As the deceptions were outed, the ability to be able to make a claim if you believe you fell victim to a PPI wrongdoing came about. An initiative which has cost banks over £29 billion collectively already (and there’s still seven months left until the deadline to make a claim). Lloyds Bank plc have paid the most so far, forking out almost £19 billion in claim money for their mis-selling of the insurance.
Source: Moneybright (Flickr)
There are plenty of ways you can check if you were mis-sold PPI. And you could very well be sitting on a gold mine, with many who’re owed thousands being completely unaware that they were even eligible to make a claim. Some, in fact, don’t even know that they were enrolled in the scheme in the first place.
Which is why, of course, it’s important to find out whether you fell victim to the PPI scandal – you could be rightfully entitled to a large sum of money and you may not even know it.
How to check if you were mis-sold PPI – and make a claim before the deadline
For a more in-depth explanation to finding out if you’re entitled to a PPI payout, check out our article. There’s a lot of information online, much of which becomes very confusing and complex but fear not – we’re here to explain the easiest way to check if you can make a PPI claim, in the most simple way possible.
Source: One Click Group (Flickr)
How to check if you were mis-sold PPI under 6 years ago
If you believe you may have been mis-sold PPI recently (within the last 6 years), we would recommend the following tips.
- Check through your loan payment statements
- If you don’t have your bank loan statements, contact your bank and ask them to check if you have a loan with PPI
- Alternatively, check your credit report and look for repaid loans. It won’t show you right away if your loan was covered by PPI, but does mean you can contact the right bank to enquire and take it from there
- If your bank for whatever reason refuses to make a payout, you can take the matter up with the Financial Ombudsman Service – but be mindful of the PPI deadline
How to check if you were mis-sold PPI over 6 years ago
If you believe you may have been involved with PPI at an earlier date, here’s our advice.
- After 6 years, the lender will not be required to keep any documents – so you’ll need to gather evidence yourself.
- Realising this can be a little stressful, we would suggest checking all files (online or offline) you may have relating to the following: credit cards, personal loans, mortgages, secured loans, dealership car finance, store cards, catalogue credit, monthly-paid insurance and overdrafts.
- Check out our advice for further guidance on filing a claim that involves a PPI policy from over 6 years ago
If you believe you were mis-sold Payment Protection Insurance and have the necessary documents to make a claim, remember you have until the 29th August 2019 to do so before the PPI cut-off date.
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