Claims for mis-sold Payment Protection Insurance (PPI) have become one of the biggest talking points in the history of financial services, with a number of PPI claims companies being set up to handle the paperwork involved.
2019 is set to be a landmark year in the history of PPI as the government’s Financial Conduct Authority (previously the Financial Services Authority) has set a deadline of 29th August for claims. Because of this, a sharp increase in applications is expected in the coming months.
A brief recap – what is Payment Protection Insurance?
Payment Protection Insurance is a policy that can be offered to holders of credit products such as loans, credit cards and mortgages, offering to cover any payments that are due in the event of unemployment, injury, sickness or even death. A premium for the cover is usually added on to the regular monthly repayment, and by May 2008 it was estimated that more than 20 million PPI policies were active in the United Kingdom. However, it soon became clear that a massive problem was on the horizon.
It emerged that many PPI policyholders had been sold a product that they would never be able to claim for, due to credit providers taking the extra payments without checking whether or not borrowers were eligible. To make matters worse, many PPI cover holders were not even aware that they had been sold the policy, and many tales have surfaced of customers being told that the insurance was compulsory in order to obtain credit.
How to start a claim for mis-sold PPI cover
If you believe that your previous PPI cover falls under the ‘mis-sold’ category as described above, the first step is to check any existing paperwork to see if you have made payments for this product that could be claimed back. Alternatively, modern techniques allow you to simply employ the services of a PPI claims specialist such as Moneyback PPI to check whether or not you were paying for PPI – you just need to supply your personal details and the provider or providers that supplied you with credit.
As soon as you have provided your specialist with the authority to make enquiries on your behalf, they will then contact every lender individually and find all of the necessary information for you. If you are having difficulty remembering all of the companies that you had loans, credit cards, store cards, shopping accounts and mortgages with, you can obtain a basic credit report that will list everything within the last six years.
Why can’t I just contact every lender myself?
In return for a reasonable percentage fee, a specialist company like Moneyback PPI can gather all of the information needed, before thoroughly investigating for the warning signs that PPI cover has been mis-sold. With many years of experience in this field, claims handlers will already have an understanding of the circumstances that are most likely to lead to a lender refunding all payments that have been made.
Because the August 2019 deadline is now looming large, it makes perfect sense to let professionals handle PPI claims – their approach will avoid any unnecessary delays that could force you to miss out.