We have put together a guide to PPI compensation as the watchdog prepares to reveal when the compensation ban comes in.
Everyone is aware of the industry that’s grown around the compensation industry in recent years.
But anyone who has purchased a loan, mortgage, credit card or overdraft should still check whether PPI was or still is included in their statements.
If there is reference to PPI or Payment Protection Insurance and you weren’t aware you even had a policy, then you have been mis-sold.
The FCA is expected to officially unveil the deadline for PPI claims by the end of 2016, which is currently expected to be in 2019. It means that anyone owed a refund will be denied this after the cut off comes into effect.
The Financial Conduct Authority is likely to start publicly advertising the proposed deadline next summer.
How Can I Claim Back?
PPI was initially designed to protect those who may get injured or taken ill and weren’t able to earn a living to pay back loan or mortgage repayments.
Some customers were pressured into buying, others told they must purchase a policy to be eligible to take out a finance product and some were even opted in without their knowledge.
Others may not have been told in detail about all the finer points, that may have put them off ever wanting one, such as the fact that they would be huge sums of interest on the policy.
Quite a few people that were self-employed, unemployed and retired were also sold it on a massive scale.
The FCA watchdog’s advice is that anyone affected by the above or other forms of mis-selling may be able to claim.
How to Make a Claim?
It is worth compiling as many documents as you can find, and doing a little research on the sorts of questions you may be asked.
It’s completely free to begin a PPI check with PPI Refund, you only pay if you’re successful. It’s often said that it’s best to go alone, rather than use a company like ourselves. However, when you utilise a company like us you’re getting a wealth of experience in your corner and this experience is often the difference between success and failure.
In order to begin a PPI free check click here and get the process started before it’s too late.