With the deadline approaching for making a PPI claim (no more new claims will be allowed after August 2019), it is fast reaching the point where you won’t be able to claim back money that was taken from you. Essentially if you have taken out a loan, credit card, overdraft and so forth, the chances are you may well be owed money.

The theory

PPI is short for Payment Protection Insurance. In theory, it was a good idea- an additional payment that was put in so that in the event of an injury or being unable to pay you had some cover. Unfortunately, it was mis-sold, with many people unaware that they were not eligible for repayments, or in some cases were charged for this cover without their knowledge or consent.

Be careful

If this sounds familiar to you, it may be because you have received emails or phone calls about this. It is important to be careful, as these companies may charge a large commission in order to reclaim the money for you.

However, you can ask for a claim to be put through yourself, or you can do some research and find a licensed broker in order to do this. Using someone who is trusted will ensure that you get someone who processes the claim properly and makes you aware of how much they will charge in order to reclaim the PPI for you from your bank or lender.

Another aspect that raised concern was that some vulnerable people (people with learning difficulties, mental health problems, etc.) may have been given PPI without their consent. One aspect is that if a claim is put through they may be offered face to face support to put this through if deemed necessary.

How to do it

You can claim as far back as six years, provided you either have the paperwork or ask for it. Using credit report services will also help you to go through active debts, allowing you to check for any evidence that can be used in a claim.

A bank may reject your initial claim. However, don’t give up at this point- if you report them to the Financial Ombudsman, a company will often pay out in order to avoid any adverse publicity in a few days. It was estimated in 2016 that over 50% of rejected claims were overturned, so this is worth considering if you do not immediately get a payout.

It is also possible to make a PPI claim on behalf of a deceased relative’s estate, with the money raised going into the funds of the estate (be sure to inform your executor once the claim goes through.)

We can help

It helps to have a legal representative that not only knows the legal process of making a PPI claim but also helping people through it, especially if you are doing so on behalf of a vulnerable person. We believe in offering both specialised representation and effective customer service and communication for our clients. For more information or to discuss a claim in more detail, please contact us today.