It’s been a while since payment protection insurance (PPI) was in the news in the UK. However, many consumers have noticed that the focus on PPI is building up again, with new advertisements having been launched by the Financial Conduct Authority. Even if you don’t watch a lot of television, you may have seen the UK advertisements featuring the animatronic head of Arnold Schwarzenegger telling people to claim their PPI while they still have the chance.
That is because the amount of time available for claiming PPI is running out. The deadline for the claims runs out on the 29th of August 2019, so the clock is certainly ticking. According to the chief executive of the FCA, half of the UK population say that the presence of a deadline is what helps them to get things ticked off their to-do list.
The financial authority is hoping that it’s new advertisements with Arnie and Rachel Riley from Countdown will be just the extra push that today’s consumers need.
Getting the message out about PPI
The PPI discussion first began when the financial industry revealed that countless customers were sold loans with payment protection insurance, even though they didn’t need it. In fact, PPI was sold to a host of customers who would never have had the opportunity to claim their protection in the first place, because they had pre-existing medical conditions, or they were working for themselves at the time.
Other people buying PPI against their will were already covered against payment problems by their employer. Fortunately, in recent years, consumers have begun to recognise the issue of PPI on their loans, and many have started to re-claim the cash that they paid out when they first got their financial help.
Who would be eligible for PPI claims?
Despite the amount of information that went out about PPI claims over the last few years, many people still aren’t entirely sure whether they’re eligible to apply for compensation. There are plenty of claims management companies across the country who are doing their best to contact everyone who might have been mis-sold PPI; however, the truth is that most PPI policies were sold to customers when they shouldn’t be. Examples of mis-sold policies include:
- Policies for people who had a sick pay scheme at work
- Policies for people who were self-employed or retired at the time of getting the loan
- Policies for people who felt they had to get PPI to take out the loan.
Those who want to claim their PPI payments back can do so in various ways. The first option is to work alongside a claims management company like ppi-claim.co. The alternative is to approach the company that sold you PPI incorrectly yourself. If you choose the latter option, you’ll have to have your loan policy information to hand when you contact the company.
Is there any danger in claiming PPI compensation?
As more people rush to claim PPI, some are left wondering whether doing so will have a negative impact on their financial situation. While it can take a while for your claim to go through, there’s no real downside to applying. It doesn’t affect your credit score, and it could give you more money to invest in other things, like buying shares, or Bitcoin.
In fact, financial experts are actually advising customers who have previously applied for PPI in the past and failed, to re-try their efforts. Many banks claim that customers haven’t received PPI coverage on their loans when they are indeed eligible.
While this doesn’t necessarily mean that your bank is lying to you, it could indicate that you need the help of a professional to make sure that you’re not missing out on a claim.
The Plevin ruling for PPI
Besides the impending deadline, another thing that’s driving the people currently applying for PPI is the new Plevin ruling.
The ruling suggests that more people should be able to claim for a refund today than ever before. The ruling came after a customer known as Susan Plevin was treated poorly by her lender and was not informed that the lender would be receiving commission for selling PPI.
The Plevin ruling dictates that people can re-submit their complaint if the cost included seller commission when they were sold PPI. That should make thousands of additional people eligible for a claim.
If you think that you might have been mis-sold payment protection insurance, now’s the time to make your claim.