MARTIN Lewis is warning that there’s just ONE day left to reclaim mis-sold PPI – and it could be worth thousands of pounds.
The deadline is at 11.59pm tomorrow – August 29 – but the money guru is urging Brits to act now to beat the last-minute rush.
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As long as you start a claim before the deadline, it can later still be escalated to the Financial Ombudsman Service, but if you don’t it may not be considered.
Martin Lewis, founder of consumer site MoneySavingExpert, said: “Don’t be a last-minute Lilly or Larry. Websites crash. Phone lines get clogged up.
“You should expect the unexpected to happen with such a huge deadline. In your head, imagine TODAY (Wednesday) is the real deadline and sort it NOW.
“If you’re not sure, just fill in the details anyway and check if you had PPI.
“I’m not encouraging you to make a spurious claim, more to just get in over the line, and buy yourself more time to find out if you are due money later.”
At the major banks, the last time to submit claims online is 11.59pm on Thursday, or if you’re going to do it by phone, the cut-off varies between 6pm and midnight.
If you’re complaining by post you need to leave enough time for your letter to get to the company.
Some banks say they’ll accept your claim if you post the letter on August 29, while others say they must have received it by then, so double-check what applies at your providers beforehand.
If you’re complaining in person at a branch, make sure you make a note of the closing times.
Have you been mis-sold PPI?
ACCORDING to the regulator, it is likely you were mis-sold PPI if you experienced any of the following:
- You were pressured into buying PPI or told you must have PPI
- You were promised a cheaper rate if you bought PPI
- You were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- You were advised to buy PPI that did not suit your circumstances or needs
- You were self-employed, unemployed or retired but advised to buy PPI
- You had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- You were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- It was not made clear that you would pay interest on the PPI if it was added to your loan
- It was not made clear that the PPI would end before the loan or credit was repaid
Martin Lewis adds that you should also make sure you get a confirmation that you’ve started the PPI process.
He said: “If you are checking directly with your bank, ask it for a written confirmation that your enquiry has been submitted, and that this means your claim is triggered.
“If it’s on the phone or in person, make a note of the name of who you spoke to, the time of the call, and ask it to assure you the claim is triggered.
“Then email it to yourself so you have a time stamped contemporaneous note.”
How to check if you’ve been mis-sold PPI
If you’re unsure whether you had PPI you can contact the bank directly to check – it then has eight weeks to respond to any mis-sold claims.
If it rejects your claim you can go to the Financial Ombudsman Service to have your case reviewed for free.
You can do this within six months of receiving your PPI provider’s decision, even if it’s after the August deadline, but you’ll need to submit the initial enquiry before then.
The Financial Conduct Authority’s (FCA) website has links to online complaints tools and contact details for the providers that receive the most complaints about PPI.
You can also download free template letters from websites such as MoneySavingExpert and Which?.
There are plenty of claims handling companies that are trying to get people to complain through them because they can charge a fee, but there’s no need to do this.
Processing the claim yourself means you’ll get to keep all your compensation.
If your claim is successful, the amount you get depends on your circumstances, but the average payout is around £3,000.
If you’re really stuck on your claim, the FCA has a free helpline too that you can call on 0800 101 8800.
It’s estimated that 60MILLION policies were mis-sold over the past three decades to customers who were promised a cheaper rate if they bought PPI or it was added without them knowing.
Those who’ve already received compensation are also advised to claim back tax on the payout because you could be owed hundreds.
Last month, several banks and building societies agreed to submit PPI complaints for you to ensure the deadline is met.
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