With the deadline to make a Payment Protection Insurance (PPI) claim just months away, you must ensure you’ve got all the necessary information for a smooth and successful claim. Take note of these basic steps to avoid that last-minute panic!
For some, leaving things to the last minute creates a sense of urgency and gets the creative juices flowing. A report by the British Psychological Society even suggests that “active procrastination” can help certain individuals complete set tasks because they thrive on the challenge of a looming deadline.
However, if you want to make a successful PPI claim, the nearing PPI deadline is not to be taken lightly.
When Is the PPI Deadline?
Between 1990 and 2010 alone, there were 64 million PPI policies sold. Subsequently, the PPI “scandal”, where the policy was mis-sold through various means, resulted in over £34 billion in customer repayments. In order to draw a line under the scandal, the Financial Conduct Authority (FCA) selected 29th August 2019 as the PPI deadline. At the point the date was chosen, individuals had 2 years to make a claim. But since that date is nearing, the number of claimants is expected to spike as people will be rushing to make a PPI claim before deadline day.
Here are a few basic reminders to make your claim a stress-free process:
Organise Your Paperwork
A mis-sold PPI — one without your knowledge or consent — may have been sold to you with products that required repayments. These may include:
- Catalogue credit
- Credit card
- Finance agreement/hire purchase (for example, car finance or anything bought on credit)
- Home improvement loan
- High street store card
- Home shopping account (including a catalogue account)
- Loans (business, personal and student)
- Loan secured on your home (in addition to your mortgage)
- Mortgage (including second charge mortgages, for example, for a home extension)
Once you note which of the above products you were sold, you then need to gather the paperwork for each and check for the certain terms listed below.
Search for Suspicious Terms
PPI was often listed under a number of different terms. Aside from “PPI” or “Payment Protection Insurance”, look out for the following on your original documents for each of your financial products:
- Accident, sickness and unemployment (ASU) insurance
- Account cover
- Credit insurance
- Credit protection
- Loan care
- Loan insurance
- Loan protection
- Loan repayment insurance
- Mortgage payment protection insurance (MPPI)
- Payment cover
- Protection plan
If You Don’t Have the Paperwork
You can still launch your claim even if you’re not in possession of the relevant paperwork. Simply contact your bank, legal firm or a highly reputable PPI claims company for the necessary documentation so you can make your PPI claim as soon as possible. Your bank is likely to have evidence of any policy associated with previous credit (credit cards, loans, mortgages). Alternatively, by declaring a few personal details, your solicitor or claims company can do the searching for you.
Don’t Forget the Plevin Rule
A PPI may have been mis-sold for a number of reasons, including:
- Your medical condition was not taken into account
- Your employment status was ignored
- You were told PPI was compulsory
- PPI was included in the product without your consent
However, if you’ve made a complaint about a mis-sold PPI that resulted in an unsuccessful claim, you should take note of the Plevin rule. The Plevin rule can come to your favour if you were not informed about the commission that is generated from a PPI sale. In general, you can complain about a commission if:
- You took out the credit the PPI was sold with (for example, a loan or credit card) on or after 6 April 2007.
- You took out the credit the PPI was sold with before 6 April 2007, and it was still running on or after 6 April 2008.
Make a Claim and Wait
PPI complaints are usually resolved within 8 weeks, while the average claim takes between 2 to 4 months to complete. A good claims management company will keep you informed of the progress along the way.
With the 29th August 2019 deadline around the corner, you should already be looking at the best claims companies to handle your case; after all, part of their job is to take the stress of the claims process away from you:
Prepare for the deadline with our step-by-step guide to make a PPI claim and contact our experienced team today for a comprehensive “no win no fee” service.