PPI, payment protection insurance, has been almost unavoidable for most after a wave of irritating adverts hit the radio and TV encouraging the public to check if they had been sold some wrongly.
While many ignored the persistent ads, some actually do have money that they could claim back to the tune of £1,000s.
The deadline is looming, and though some may think this is cause for a national holiday to celebrate the end of the adverts, others will miss out on money they could claim.
However, there is a way to do this without calling any of the firms behind the ads, as money expert Martin Lewis has explained.
“While the reclaiming deadline’s been set as 29 Aug 2019, the regulator will push big money into publicising this – and likely jam up the reclaiming system.
“Doing it now gets you ahead of the queue,” his website MoneySavingExpert.com has explained.
What is PPI?
PPI was sold to consumers when they got a loan or overdraft.
However, it was mis-sold, meaning the insurance wouldn’t cover the consumer – making it worthless.
The site claims thousands of people who think this didn’t apply to them found that it did – so it’s worth checking.
How can you check if you have PPI and claim for free?
You can check by looking at your credit file.
“Look for something that may be called ‘payment cover’, ‘protection plan’, ‘ASU’, ‘loan protection’, ‘retail payment protection’, ‘loan care’ or similar,” MoneySavingExpert.com recommends.
You can also contact your lender for details if you don’t have paper work. just as for a copy of your agreement of T&Cs that date back to the time of your agreement – as the terms can change.
If the account has clothes you can ask for a breakdown of the account.
You can easily just call up your lender and ask.
Any PPI claim that was wrongly sold can be claimed on from any time, there is no limit as too how long age it was sold.
The website warns that companies “usually take about 25% of the proceeds, plus VAT, yet it’s easy to do yourself.”
MoneySavingExpert.com have their own free PPI reclaiming tool that you can use easily here.
Did you know you can also claim £200 back from your energy bills?
Consumers could reclaim £1.3 billion in total from energy companies after the winter.
If customers haven’t used energy that they have paid for over the colder months they are entitled that money back.
Daily Express :: Life and Style Feed
