If you think you may have been mis-sold PPI, you should consider making a complaint to your lender to find out if you are owed. You can do this yourself, or you can allow a claims management company to carry out the service for you.
You may still have old statements showing PPI as credit insurance, loan protection, loan repayment insurance, payment cover, account cover or ASU insurance (Accident, Sickness and Unemployment), among other names.
Starting a PPI claim, the process begins with a PPI check which aims to find out which of your lenders sold you PPI. With this information at hand, it may uncover additional agreements you may have forgotten about.
If your lender confirms that PPI was or may have been present on your agreements you then have an opportunity of making a claim to recover any money your lender may owe you for PPI.
When is the deadline for making a PPI claim?
On 02 March 2017, a PPI deadline of 29 August 2019 was announced for submitting claims for compensation over mis-sold PPI.
This was set by the Financial Conduct Authority (FCA) in an attempt to draw a line under the scandal, and the FCA will be running a public awareness campaign over the next two years to ensure as many potential complainants as possible come forward.
However, the announcement of this deadline did cause some controversy, with some calling for it to be extended or removed. In the future the deadline may be changed, so ensure you check out our news section for the latest updates on PPI, but the best practice is to submit a claim as soon as possible to ensure you get your claim submitted before the deadline hits, as the FCA have advised.
Please note that complaints about PPI policies sold after 29 August 2017 are not subject to the 29 August 2019 deadline.
Rejected PPI claims
Many people have had their PPI claims incorrectly rejected by banks, and you can try again if you believe you were mis-sold. If your claim was rejected within the six months prior then you have the right to take your case to the Ombudsman, and it is fairly common for the Ombudsman to rule in your favour.
If your PPI claim was rejected more than six months ago, you will need to submit a further complaint in relation to the commission taken from the sale of your PPI, if you did not take it to the Ombudsman.
Even if you were turned down by the Ombudsman for a PPI mis-selling complaint, you can still make a complaint about the commission involved in the sale of your PPI, as you could be due compensation for this, due to new rules set out by the FCA in relation to “Plevin”.
Banks and lenders will need to write to around 1.2 million people who have had their claim rejected but could now be owed money as a result of Plevin. Only people who have been previously rejected will receive this letter.
For any new PPI complaints made, and any further complaints made for previously rejected cases, they are now required to consider whether, the PPI sold to you falls within the commission parameters defined in the Plevin ruling. and if this was disclosed to you.
Just because you have been rejected before does not mean you will not have your claim accepted if you try again, so it is definitely worth a another try in light of the Plevin ruling.