The UK 2019 PPI deadline – when is it, and what do I need to know?

Quick facts

  • 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.

UK 2019 ppi deadline

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.

UK 2019 ppi deadline

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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I don’t know if I paid PPI, how do I check if I’m entitled to a payout?

Countless numbers of people have unwittingly signed up for PPI and have forgotten all about it. If you think you’re one of those people, you might not know where to start.

If it’s a case of not knowing whether you’re entitled to reclaiming mis-sold PPI, then we can help. Hundreds of thousands of consumers have successfully clawed back money they spent unknowingly on PPI, plus interest. So you have a good chance of success.Continue Reading…

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How do I prove mis-sold PPI from a long time ago?

With billions of pounds being paid out in personal protection insurance since 2011, consumers are enjoying small windfalls on the mis-selling of protection schemes.

However, the vast majority of these claims have been made in the past decade, and as anyone who has taken out a PPI claim knows, your credit history only goes back so far. In most cases, the records go back just enough, but countless numbers of the British public maybe missing out on tens of thousands of pounds in mis-sold PPI.Continue Reading…

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PPI Claims Hit £1.9 Billion – But Billions Still Left to Claim!

PPI Claims have now hit £1.9 billion, as recently reported by the FSA. The rate at which claims were being made sped up dramatically towards the end of 2011, with a record pay out month in December, where £441 million was paid out.

 

PPI claims will undoubtedly have had a large impact on losses reported recently by Lloyds TSB.

 

However, reports in May 2011 suggested that claims were likely to reach £9 billion, suggesting that this could still only be the beginning of claims made against providers who mis-sold payment protection insurance policies for years.

 

A typical PPI claim results in around £2,750 in compensation, but there are widely reported cases of much higher claims successfully being made.

 

Sources

http://www.bbc.co.uk/news/business-17125141

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Mis-Sold Payday Loans Claims – The Next PPI?

Will mis-sold payday loans claims become the next PPI claims?

Consumers who were mis-sold payment protection insurance policies have been making PPI claims for several years now. Providers have been widely criticised for the way the policies were sold.

However, one financial product coming under more recent scrutiny is the payday loan. Lenders like Wonga, Uncle Buck, Mr Lender and a host of others lend smaller sums of money to consumers just to ‘tide them over’ until their next pay packet. The loans typically range from £50 to £750 and the sum must be paid back on the consumer’s next payday.

In many cases, the representative APR on these loans is over 4000%. So, for example, if you borrow £400.00 with Wonga.com for 30 days, you would have to pay back £525.00, but failing to make a repayment for a year could leave you owing more than 40 times what you borrowed!! Martin Lewis of Moneysaving Expert wrote a witty, if not somewhat alarming post on how long it would take to amass the equivalent of the US National Debt after borrowing £100 from Wonga! That post garnered a lot of attention!

 

Could Mis-Sold Payday Loans Claims Realistically be Successful?

Realistically, in order for anybody to make mis-sold payday loans claim, they have to be able to prove they were mis-sold the loan. Payday loans companies are generally all very up front about the product, about the representative APR and about exactly how much will have to be repaid if you take the loan out.

With PPI, common complaints included not being told you had the product with your loan or credit card. That’s because PPI is effectively a cross sell from another product (a loan, mortgae or credit card). It’s different with Payday Loans. The payday loan is the product and the consumer is aware of the product, of the cost of the loan and of its terms.

So while finance bloggers and experts speculate on whether mis-sold payday loans claims, it only takes a quick glance at the websites of the biggest providers to see the lengths they go to in order to make their fees absolutely crystal clear to potential customers. Yes, they’re an expensive way to borrow money and yes, it’s very easy to find yourself amassing debts far higher than the value of the loan, but as long as consumers are made aware of what they are being sold and as long as the product remains legal, there is no mis-selling taking place.

100,000 PPI Complaints to Ombudsman in Last Year

Figures from the Financial Ombusman Service released recently confirmed that, in the last year alone, there were than 104,000 complaints to the financial Ombudsman about PPI (payment protection insurance).

The complaints are not unexpected, with consumers now being made more widely aware of their potential right to make PPI claims.

PPI claims can be made by those who were mis-sold the PPI policies in recent years. This mis-selling was widespread, often deliberate and undoubtedly at huge financial cost to consumers.

At Moneybright, we can help you to make PPI claims. If you’re not sure whether you could be eligible, get in touch today and find out how we could help.

Posted on in Reclaim.