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It’s Time to Check if You’re Due a PPI Refund

6 November 2017 No Comment

The payment protection insurance (PPI) scandal has plagued British banks and affected citizens of the UK for over a decade. PPI was mis-sold to thousands of customers alongside products such as credit cards and loans.

As the scandal unfolded, many of the banks were charged with fines and consumers began to make claims to get their money back. For customers who believe they were mis-sold PPI, a quick and easy PPI check can still result in a big return.

Nearly ten years after the scandal came to light, the Financial Conduct Authority (FCA) has finally imposed a PPI claims deadline. The aim of the deadline is to encourage people who have not yet made a claim to get moving. This means the banks will no longer need to set aside money to repay customers, allowing them to relax slightly.

An incredible amount of money has been repaid by banks to people making successful PPI claims. One of the worst offenders is Lloyds Banking Group. Lloyds has paid out £18 billion since 2011. This includes paying customers, FCA fines and paying staff for dealing with the number of complaints.

When is the PPI Deadline?

The FCA set the PPI deadline for 29th August 2019. This allows plenty of time for people to make a claim. A £42 million advertising campaign featuring Arnold Schwarzenegger is promoting the deadline. Of that sum, £30 million has been paid by the banks involved in the misselling scandal.

A PPI claim can take up to six months, perhaps even longer if the banks are receiving high volumes of claims. This is why the FCA is urging people to make a claim as soon as possible before the PPI deadline catches them out.

Recent statistics released by the FCA revealed that over a million people have visited its dedicated PPI website since the launch of the deadline campaign just a couple of months ago. They’ve also received over 9,000 calls and 400 emails from consumers. This could indicate that the banks still have a lot more money to repay before August 2019.

How to Carry Out a Free PPI Check

The misselling of PPI was so underhanded that many customers were unaware they even bought it. It was often added onto products such as loans and credit cards without consent.  As such, many consumers are unaware if they are due a PPI refund. Checking if you are owed money is easy and free, so there’s no excuse!

A PPI check takes no time at all. Even if you no longer have the paperwork for your account, it’s not too late or too difficult to make a claim. You are able to make a free PPI check by contacting your bank or building society. However, many people choose to use a reputable PPI claims company, as this means less personal communication with the bank.

All reputable claims management companies are regulated by the claims management regulator. It’s important to look for a company offering a no win, no fee service and with a low service fee. Many companies will take over 25% commission from the final amount repaid. Look for one of the lowest fees and always read the terms and conditions before working with any claims company.

A PPI check is simple and you could be owed thousands of pounds. So, why put it off? Make sure you make your PPI claim before the deadline.

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