When it comes to “PPI,” these three simple letters are likely to drum up a roll of the eyes from millions of UK residents. The PPI scandal has brought about a lifetime of complaints, confusion and PPI claim companies and even with the August 2019 deadline looming, millions of potential claimants still don’t know quite what happened and whether they’re eligible to make a claim. Here, we’ve decided to break it down to help you understand more about dreaded PPI.
The PPI scandal came about when it became evident that a seemingly innocent insurance policy had been widely mis-sold to millions of UK borrowers between the 1990s and 2010. There are some cases of mis-selling outside of these years, but most cases take place in this 20 year period. In most cases, the mis-selling came down to a lack of understanding, knowledge or eligibility for the policy but regardless of the reason, this scandal has led to one of the biggest cases of unfair practice that the UK has ever seen on this level. With over 50 million policies sold that all have the potential to have been sold wrongfully or dealt with unfairly, the same number of people could very well be eligible for a claim.
Do I Have A Claim?
- Without your knowledge
- Without sufficient information regarding the terms and conditions or what it could cover
- Despite you being unable to make claims due to age, lack of employment etc.
- Despite you not actually needing the cover
- The commission level was unfairly high (due to the Plevin case) and your PPI policy was therefore unjust.
Banks are paying out millions of pounds as we speak to successful claimants and with the new Plevin rule to consider, it’s entirely possible that every PPI policy sold during this time was ‘mis-sold’ in some way. If you believe you fall under any of the categories above, it may be worth making a claim just in case as you could be eligible for compensation.
How Do I Complain?
If you’ve decided to make your claim, the next thing to do is actually file your claim with your lender. In most cases, banks have been encouraged to write to their borrowers and inform them that they may be eligible. If you haven’t had this letter, you are still able to make a complaint. All you have to do is conduct a letter and compile any evidence of your policy that you may have and send it directly to your lender. If you’d prefer assistance with your claim, there are claims companies available to help your claim be as successful as possible.
If your bank still refuses your claim despite you believing you’re eligible, you may be able to take your case on to the Financial Ombudsman Service. They will do their own investigation and ensure that you get the money you’re entitled to if they believe this is the case. In the case of your bank or lender no longer being in business, the Financial Services Compensation Scheme may be able to provide you with the compensation money if you can prove your claim.