I know, I know – more about PPI… As if you’ve not been battered enough by the constant cold calls! But never fear – it will end soon.
PPI (Payment Protection Insurance) is a type of insurance designed to cover repayments on a loan or credit card in the event of an accident, sickness, or unemployment.
Do you have PPI? People were often unknowingly sold PPI with a financial product – have you had a mortgage, personal loan, car loan, credit card? Think about it – you may well have been sold a little bit extra without being aware of it. You’ll need to check quickly though, as the government are now talking about a deadline for claims.
The best thing to do is to see if you can find the paperwork about the loan – the initial paperwork would be great. Even if your loan has been paid off you may still be entitled to compensation. If you have put the documentation in a safe place and now can’t find it, don’t panic – banks need to keep paperwork for 6 years, so (if you are within that time limit) you can ask your bank or lender for the files.
Once you have found the appropriate documentation, contact your bank or lender about making a claim. The bank may reject the claim, but if you feel confident in taking it further (because you’ve found PPI written in your documentation) go to the appeal process by contacting the Financial Ombudsman. More than 60% of claimants’ appeals have favoured the borrower, so it’s well worth it – after all, they can only say no. You may have seen these adverts with lawyers/companies who can help you make a claim – well you couldn’t miss them unless you lived on another planet – but take no notice. Why pay someone when you can get it free?!
Act now so you don’t miss out and the very best of luck!