The deadline for making a mis-sold PPI claim is nearly here, so if you haven’t made a claim yet you need to do it now. If you think you might be eligible, here’s what you need to know:
When is the deadline?
29th August 2019
What is mis-sold PPI?
If you took out any form of consumer finance, such as a loan, store card, credit card, car finance or a mortgage, up until 2006, the chances are that you also took out a payment protection insurance policy and it was mis-sold to you.
If any of the following apply, you were almost certainly mis-sold the policy:
- The advisor did not tell you that you can buy the policy elsewhere and it might be cheaper
- You were told that the policy was mandatory, and that without it, you would not be given the finance
- It was not explained to you that there were exclusions under the policy
- You took out a loan or finance and the advisor did not explain to you that you would have to pay for the insurance upfront in one single payment
- You took out single premium PPI insurance and was not told that the insurance cost would be added to the loan, and you would have to pay interest on it
- The advisor did not tell you that they were going to earn a high level of commission from your PPI
How do I claim?
Making a claim for mis-sold PPI is now really easy and there are lots of good templates available online. In the first instance, go to the provider’s website and follow their process for making a claim, but act quickly.