How is your 2018 looking so far? Hopefully you are on the way to reaching your financial goals, if you’ve set yourself some. If saving money or making some extra money is your goal this year, then it’s important that you’ve organised your PPI claims.
Maybe you’ve seen Arnold Schwarzenegger shouting at people to “Do it Now!” as he orders people to decide if they want to reclaim PPI. The Financial Conduct Authority (FCA) has set a deadline for all PPI claims, meaning that you only have until 29th August 2019 to reclaim PPI. The aim of the deadline is to prompt people to make a claim, rather than keep putting it off.
If you haven’t yet made a PPI claim, you should. Millions of people had payment protection insurance added to products such as loans or credit cards without their knowledge. People have claimed back thousands of pounds from the bank just for filling out some reclaim forms.
Even if your claim has previously been rejected, you are able to make another claim due to the Plevin ruling. The Plevin rule means that if over 50% of your PPI sale was commission, there is a potential claim to be made.
Although August 2019 seems like a long way away, it makes sense to start your PPI claims as soon as possible. The banks are likely to be receiving an increase in claims due to the deadline, so starting soon means you avoid inevitable traffic jam of PPI claims. Plus, it could be that cash boost you need, or valuable savings for the future.
How Much Could the Banks Pay Before the Deadline?
The banks have paid thousands of pounds to customers for the mis-selling of PPI. The latest figures from the FCA show that nearly £30 billion has been repaid since 2011. It’s likely that by the time the deadline arrives, the banks will have repaid £40 billion to customers.
As well as the repayments to customers, the banks have paid for fines, extra staff to manage claims and contributed £30 million towards the advertising campaign featuring Schwarzenegger.
How to Make a Claim before the PPI Deadline
Making a claim is very simple, so there is no reason not to find out if you are due a PPI refund. You can contact the bank or lender yourself, or you can use a reputable claims management company to make a claim on your behalf. The latter option avoids the potential of banks bamboozling you with jargon and puts your claim in the hands of experienced financial experts.
Don’t choose a company that cold calls you. Find a claims management company that is regulated by the claims management regulator, offers a no win, no fee service and has plenty of positive reviews from previous customers. It’s also crucial to check how much a PPI claims company charges if your claim is successful. Some companies will charge over 30%, while others will charge below 20%. Find a PPI claims company who offer a low fee. There is no reason to pay more.
A PPI claims company will contact the bank for you and will even find out if you had PPI if you’re not sure or can’t remember. Many people prefer to use a PPI claims company if they are busy or not sure who to contact.
Whichever option you choose, start your claim soon! That money could be so valuable and, with so many people already claiming back cash, it’s always worth checking.
This is a collaborative post.
Thanks for the reminder! I need to help my mother reclaim hers so will get onto it 🙂
Hope she gets a good result!
Always put the claim yourself, it’s easy, the claim companies don’t do anything special, easy money for them taking a big cut of your own cash. Martin Lewis’s website has a good guide.
Good advice on picking a claim handling company that doesn’t charge a fee if they aren’t successful and a minimum fee if they are.
What percentage does the company charge that is linked in this post (Canary Claims), and what introduction fee are you receiving?
I’m not receiving any fee for introducing people to the service.
Fair enough … just the term “This is a collaborative post” suggests that might not have been the case – my apologies.