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There are just hours left for anyone who could have been mis-sold payment protection insurance (PPI) to make a claim before tonight’s 11.59pm deadline.
PPI was an insurance product designed to cover loan repayments when policyholders fell ill or lost their jobs and were widely sold alongside credit cards, mortgages and other loans. Between 1990 and 2010 it was estimated that 64 million PPI products were sold and, while not all of these were mis-sold, banks and other financial providers have had to pay out £36bn in compensation so far.
Anyone who took out any type of loan or credit up until 2006 could have been mis-sold PPI. In fact, many claimants weren’t even aware that they had been sold PPI at the time, while others were sold the product despite the fact that they would have never been covered if they did require the insurance. Over the last eight years, the Financial Conduct Authority (FCA) and other consumer campaigners have been urging consumers to make a claim if they believe they could have been mis-sold the product. On average, successful claimants have been given £2,000 in compensation.
Consumers who believe that they have been mis-sold PPI now have only hours to act before the deadline tonight. A claim can be made through the FCA website, which the bank or financial provider will receive, and claimants should receive an acknowledgement of the claim within eight to 10 working days. Your PPI provider has up to eight weeks to resolve the claim from the date it was made.
If the bank rejects the claim, consumers can appeal free of charge through the Financial Ombudsman Service.
While claims can be made after tonight’s deadline, they will only be exceptional circumstances only and will be assessed on a case-by-case basis.
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