Call it the fear of missing out but I’ve just spent a few minutes filling in online forms to find out if I could be in line for a PPI payout.
If you’ve been living in a cave for the past few years then you might not know about PPI. This was a kind of insurance that those with credit cards, personal loans and other methods of borrowing might have had – often without realising it. The idea of PPI was that it would pay out to meet your repayments if you couldn’t make them. But it turned out that many of those with PPI could never claim and so should be compensated. Then, a later court case basically ruled that anyone who had had PPI probably shouldn’t have had it – opening the floodgates for everyone who has had it to stake a claim. But you need to ask for it – and by 29 August next year. There is loads of information about PPI and claiming compensation here.
And here’s the rub. I am fairly confident I’ve never had PPI. I’ve worked in personal finance since I was in my mid-twenties and think that I would have ticked the box (if there was one) for not having insurance if offered it. But then, I’m not totally sure. More than 20 years ago I had a personal loan – the only time I’ve ever had one. I paid it off early. I know I took it out with my bank. So I’ve just been online and filled in a form to find out if I ever had PPI with the bank. It took no time at all. Feeling confident, I searched back in my distant memory to remember past credit cards. I’ve filled in the (very easy) online forms for these too.
I really don’t think I will get anything but the risk of missing out of free money was too high for me not to take a few minutes to put in the inquiries. To be honest, I’m not sure I deserve any payments – and I feel a smidgen of guilt in wasting the time of some poor person having to check my details. I do think it’s worth doing, though. What isn’t worth it is using a claims management company. Honestly, it is so easy to do it yourself why would you? And any company helping you out with a claim is going to take a chunk for themselves. I’ll keep you posted on how I get on.
See our guide to personal loans here