Marks & Spencer PPI was mis-sold to thousands of customers. If you have a product with the Marks & Spencer bank, you could be due a refund.
If you haven’t carried out a PPI check yet, now is the time to do it! The Financial Conduct Authority (FCA) has announced that all PPI claims must be submitted before 29th August 2019. This official deadline means that you need to start your claim as soon as possible. The banks are likely to be receiving an influx of claims, so the sooner you start, the sooner you will receive your money.
Marks & Spencer (M&S) PPI was mis-sold on products under M&S Bank (previously M&S Money). Often, people were not aware what they were purchasing PPI or felt pressured to buy the insurance.
Across all the banks, the total cost of the scandal has accumulated to £35 billion. This includes repayment to customers, fines and paying for extra staff to deal with the PPI claims. With so much money being spent on the scandal, you could be due a huge amount of money. All it takes it a simple PPI check to start the process.
Canary Claims is here to tell you how to check for PPI and how to make a claim as soon as possible, with our guide on Marks & Spencer PPI.
How Did Marks & Spencer Mis-Sell PPI to Customers?
M&S Bank is jointly run by Marks & Spencer and HSBC. Both banks have suffered from the misselling scandal, with HSBC PPI costing the bank billions of pounds. As for M&S, the bank has paid out a hefty sum as well. In 2016, the bank set aside £128 million for mis-sold PPI. They expect the number of complaints to rise to over 200,000 before the deadline in 2019.
It’s not too late to make a claim if you believe that you might have been mis-sold PPI from M&S. It’s always worthwhile checking previous bank statements, as you could be one of the many people who were unaware they bought PPI.
What Products was Marks & Spencer PPI Mis-Sold On?
M&S Bank stopped selling PPI in 2008. However, prior to this, the insurance was sold on the following products:
- M&S Credit Card
- M&S Personal Loan
- M&S Car Buying Plan
- M&S Chargecard
- M&S Budgetcard
- M&S Personal Reserve
The insurance isn’t always labelled as ‘Payment Protection Insurance’. Check for other similar names, such as ‘mortgage protection insurance’ or ‘loan protection’.
How to Claim Back Marks & Spencer PPI
Make sure you begin your PPI claim from Marks & Spencer well before the PPI deadline to ensure that you receive your money. You can contact the bank yourself to make a claim. Alternatively, Canary Claims can do all the work for you. As well as organising a PPI check, we will contact M&S to find out if PPI was mis-sold to you and, if you’re eligible to make a claim, take the necessary steps forward.
We want to make your PPI claim as seamless and stress-free as possible, which is why our experts, based in London, are ready to hear from you. A PPI claim can take up to six months. With the PPI deadline clock ticking and the banks receiving hundreds of complaints a week, you need to start now. If you have any questions or queries, we’re here to help you every step of the way.
Canary Claims offer an incredibly low fee of 15% + VAT (Total 18%) and a no win, no fee policy. Don’t put off claiming your Marks & Spencer PPI. Contact us today for your FREE PPI check.