Payment protection insurance (PPI) was one of the great personal finance scandals of the past decade or so. This insurance was sold to those taking out personal loans, mortgages and credit cards. The idea of it was that it would cover repayments if you couldn’t make payments.
But lots of those sold PPI didn’t even know they had it – and many couldn’t even have claimed on if they tried, as they were self-employed or had pre-existing illnesses. As a result, the banks and others who mis-sold PPI have been compensating those misspelling victims. But you have to apply for compensation: it isn’t automatic. This means racking your brains back years to all the old credit cards, loans and mortgages you have ever had. But the possible benefit is so worth it: you could easily get many thousands of pounds in payout.
The final deadline for PPI claims is just six months away: 29 August 2019. This might seem ages but it isn’t. If you don’t get your act together and bung your claim in soon you might be too late. I was reminded about PPI when I got an email from a friend asking if I could recommend a claims company. I couldn’t: I have never used one. But I have claimed for PPI although I didn’t get anything. I hate filling in forms but actually it is really easy to claim for mis-sold PPI. You just go to the website of the company you think sold you a PPI policy and go from there. You can fill in an online form or ring up a helpline usually. If you don’t know who sold PPI to you (there have been lots of mergers and takeovers among banks and building societies over the years) then a quick Google search should suffice.
I can see that if you’re busy then turning your PPI claim over to a company might be tempting. But if you do – and your claim succeeds – they will take a big chunk of the payout. When I made my PPI claims it honestly only took a few minutes per company. There are some useful tips here on how to do it. The main claim I made was for a personal loan I vaguely remembered taking out more than 20 years ago. I only had the loan for – I think – less than a year and I couldn’t even remember how much it was for and certainly had no documentation.
But I knew it was via my bank, so put in a claim. I was unsuccessful, which didn’t particularly surprise me. I was pretty sure I would have refused to pay any extra for PPI premiums. None of my long-forgotten credit cards got me a compensation payment either. But you might have been mis-sold it and be in line for compensation. There is a really good guide here. Do it: it’s worth a few minutes of your time, surely.