How to check if owed PPI
The PPI scandal may seem like old news, considering how long ago it was first uncovered, but if you’re yet to apply for a free PPI check, now’s the perfect time to do so.
In the early noughties, customers began to realise that they had been overcharged by their banks for a service that they hadn’t been aware of or agreed to. Payment Protection Insurance (PPI) was being added to financial services such as mortgages, credit cards, overdrafts and car insurance — and the banks were making a decent chunk of money in the process.
When it was initially uncovered, there was naturally a flood of complaints and PPI claims. But as soon as the PPI scandal was old news and it no longer featured in the media, it became an out of sight, out of mind situation for the public. That was until recently when a television advert featuring Arnold Schwarzenegger (random, I know) reminded us all that now is the time to claim PPI.
The former Terminator and Governor of California has a good point, and in this post, we’ll highlight a few of the reasons why we agree that now’s the perfect time to claim PPI.
A Deadline for PPI Claims is in Place
Although you would have thought by now that most people will have at least checked if they are owed PPI, the truth is that a lot of people still haven’t bothered. When you consider how quick and easy a free PPI check can be, that seems crazy.
While in the past few years there has been no real rush or urgency to claim PPI refunds, now there’s a deadline for all PPI claims, so now is a better time than any. The deadline is the 29th of August 2019, which may seem like a long time yet, but it’s better to be safe than sorry.
The Amount You Receive Could Be Substantial
Now that a deadline for PPI claims is in place, it’s safe to say British banks will be counting down the days until they are no longer hindered by the additional money they have to pay out. And you can’t blame them — over the last six years, British banks have paid out £27.1 billion for successful PPI claims.
So when you consider that the average PPI payout is around £3000, it’s ludicrous to not at least check if you have been mis-sold PPI and are entitled to a refund. This could be even more beneficial at this time of year where Christmas expenses will severely impact your finances.
Get Ahead of the Herd and check if owed PPI now
Thanks to the announcement of the PPI claims deadline — which has been hit home by news articles and adverts — it will undoubtedly cause a flood of new claims. If you’re someone who hasn’t carried out a PPI check, then sooner rather than later is definitely the best option. This will give you the best possible chance of enjoying a quick and easy PPI refund, and also make sure you don’t miss the deadline.
If you don’t have a lot of free time on your hands — whether it’s due to work, kids, or other commitments, a PPI claims company will be a massive benefit. Not only will they organise the paperwork and contact the bank in question, but providing you work with a reputable PPI claims company that offers no win no fee PPI claims, you won’t lose money if your claim is unsuccessful.
There’s a Good Chance You’ve Been Mis-Sold PPI
When you consider that PPI was being added to everyday financial services such as credit cards and mortgages — things that so many of us have — it substantially increases the likelihood that you will have been mis-sold PPI. The mis-selling of PPI has been a common occurrence over the last ten years or so, and now banks are feeling the repercussions.
There’s a good chance you have a credit card, taken out a loan, or have a mortgage on your house. Now think back and ask yourself if you looked closely at the paperwork. It’s not something most people would do, as we tend to naturally trust respectable institutions like banks. But if you check the paperwork, there’s a good chance that you’ll find that ‘payment protection insurance’ has been included. If this is the case, now’s the time to contact a trustworthy PPI claims company and get the ball rolling on your claim.
How to check if you are owed PPI – now you know – do go and claim!