Consumers now have just ten months to make a PPI claim. For those wishing to know if they ever had PPI, there are different ways to find out.
The PPI deadline has been set by the Financial Conduct Authority (FCA) as 29th August 2019. All those wishing to find out if they had PPI and make a claim to their bank need to do so before this date. The FCA is hoping the deadline will encourage those who haven’t yet made a claim to do so.
To date, over £32 billion has been paid to consumers. It’s very likely this figure will be over £40 billion by the time the deadline arrives. Some estimate that the final total could reach near £50 billion.
Consumers wanting to do a PPI check are encouraged to start as soon as possible. The process of making a PPI claim can take a number of months — or much longer if the consumer has no evidence of PPI and can’t find the paperwork.
If you need to check whether you had PPI, read our guide below to find out how to investigate and get back the money you are owed.
Check PPI on Old Paperwork
The easiest was to identify evidence of mis-sold PPI is to check previous financial paperwork. PPI was commonly mis-sold alongside mortgages, credit cards and loans. However, PPI was also found on some store cards and overdrafts. If you had any of these before 2010, there is a possibility of mis-sold PPI.
Where possible, try to locate a statement from this product and look for PPI added alongside. Be aware that it may be listed under another name, such as:
Accident, sickness and unemployment cover (ASU)
Loan care
Card protector
Account cover
Payment cover
This list is not exhaustive, therefore, if you find something listed and you are unsure what it is, contact your bank or lender to confirm if it is PPI.
If you can’t find your old financial paperwork, the next way to make a PPI check is to contact the bank who may still have a record of it. Some banks and lenders have the facility to do this online. If paperwork from the account is found with PPI, you can proceed to make your claim.
PPI Check with a Claims Company
If you can’t find the old financial paperwork, the alternative option is to use the services of a PPI claims company. Logican provides software for the best PPI claims companies and enables businesses to keep track of each case and update customers regarding their claim.
A claims company can do a PPI check on any previous financial products that may have had PPI added alongside. The best companies will investigate various products as some people had more than one PPI policy. Simply call a company and give the relevant information such as name, address, banks or lenders you remember and other details. The company will investigate for you, and, if a PPI policy is identified, it will contact the bank on your behalf.
If the claim is successful, the company will take a percentage of the refund. Due to newly imposed regulations, companies cannot charge more than 24% (inclusive of VAT). However, you will find that some highly reputable companies charge below this fee.
If you are in doubt about a company’s reputation, you should check the reviews and ensure they are registered with the Claims Management Regulator (CMR). A full list of registered PPI claims companies can be found on the CMR website.
The FCA and claims management companies are urging people to perform a PPI check as soon as possible before the deadline to save disappointment or a long wait.
Logican creates PPI software for claims companies handling the surge of claims before the deadline. Read our guide about how to find a reputable claims company to act on your behalf.
