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Final chance for millions to make a PPI claim
Which? is urging anyone who could have been mis-sold PPI to make a claim before the 11.59pm deadline tonight (Thursday, 29 August 2019) before it's too late.
Payment protection insurance (PPI) was an insurance product sold alongside credit cards, loans and many other finance agreements. But more than 64 million policies were mis-sold with many people unaware they even had a PPI policy.
You can claim quickly and easily before the deadline using the free Which? PPI claim tool.
Which? consumer rights expert Adam French said: 'If you had any kind of credit product, such as a consumer loan, store card, credit card or mortgage up until 2006, when the regulator began imposing fines for PPI mis-selling, you could have been mis-sold PPI.
'With the PPI deadline just hours away this is the final chance for anyone who thinks they may have been mis-sold to make a claim.
'All claims must be submitted by midnight on 29 August, so we are encouraging anyone who thinks they may have had PPI to submit one now. There are free, easy-to-use tools available online or you can submit a claim directly to your bank - it is now or never.'
Your PPI success stories
Around one in four of those who used the free Which? PPI claims tool were successful, with an average payout of £3,000, although some have received far more.
Anne from South Yorkshire told us that she had successfully claimed back more than £32,000 after using the free Which? PPI claim tool, having been unknowingly sold PPI on a credit card she took out 40 years ago
'The PPI tool was so straightforward and easy I knew I had nothing to lose, I just needed to provide all my previous addresses,' Anne explained.
'It took approximately 8-10 weeks to receive my cheque. I was astounded when I got £32,732 back. Some of the money may go towards private health treatment, some on home improvements and the rest on enjoyment!'
We've also heard from many others who have received thousands of pounds in PPI compensation for financial products they had forgotten about.
Which? member Brian also used the free Which? PPI claim tool to make a claim with Lloyds Bank.
'I did not have high expectations of getting a result as I didn't have any loan account details.'
A few days Brian received forms to fill in, but felt unable to answer many of the questions asked, returning the forms with little hope of getting any money back.
'Imagine my surprise when I received a letter saying that my claim had been investigated and that I my claim for PPI had been upheld,' he said. 'Of six previous loans that I had, four were due a refund. I subsequently received a cheque for £18,347. Thank you Which? for making this possible and painless.'
Act now: make a PPI claim today and keep 100% of your compensation
Why are some payouts so high?
If your complaint is upheld, then the provider that sold you the policy should do its best to put you back in the position you would have been in had you never taken out PPI in the first place.
That means refunding you the original cost of the PPI policy, plus the interest you could have earned on that money in the intervening years.
That interest rate is set at 8% a year, meaning even a small policy could add up to a decent windfall, as our example demonstrates:
| Original cost of PPI in 1999 | £1,000 |
| In 2004, with interest added | £1,400 |
| In 2009, with interest added | £1,800 |
| Compensation today | £2,600 |
What happens after the deadline?
After you've submitted your claim, your bank will generally send an acknowledgement of receiving your claim within 8-10 days of your submission.
They may also send forms seeking additional information; fill in what you can and return these.
Your PPI provider has up to eight weeks to resolve your claim from the date you made it. But you could get a refund as early as the week after your initial claim.
If your provider takes longer than eight weeks you can complain to the Financial Ombudsman Service (FOS) for free.
- Find out more: your PPI questions answered
What if the bank rejects your claim?
If the bank rejected your claim, don't be disheartened. You still have the option of appealing the decision with the free Financial Ombudsman Service (FOS).
More than 31,000 new PPI cases were brought to the FOS between April and June 2019, making it the most-complained-about financial product.
Over the past year, one in five people got their money back after complaining to the FOS.
- Find out more: how to take a complaint to the Financial Ombudsman Service
If you miss the deadline is that your chance gone forever?
You can still apply after today, but only if you've experienced exceptional circumstances.
Exceptional circumstances claims will be assessed on a case-by-case basis, so make sure you include as much information as possible when you make your claim. To guarantee your claim is considered, make sure you make a claim by the 11.59pm deadline tonight.
