Are you worried about making a PPI claim? Unscrupulous companies have sullied the reputation of PPI and many people feel vulnerable to scams. Below, we explain if PPI claims are safe and what you need to know about making a claim.
Are PPI Claims Safe?
For many people, PPI has negative connotations. You might have received cold calls from companies asking for upfront money. This makes people wary of anything to do with PPI — and rightly so.
But we’re here to tell you that PPI claims are safe. You’re right to be cautious, as there are some companies out there who will try and swindle you out of money. In fact, we are aware that some individuals are using the name of Canary Claims to try and swindle people out of money. Please let us know if this happens to you — we never cold call or ask for any money upfront.
However, with thorough research and the right information, you can make a PPI claim in a safe way and could potentially end up with a four-figure sum from the bank.
1. PPI claims are not a scam
Payment Protection Insurance, or PPI, was sold alongside credit cards, mortgages and loans, primarily during the 1990s and early 2000s. The insurance wasn’t necessarily bad for consumers — in many cases, it was actually useful in the event that the individual lost their job or fell ill and couldn’t make repayments — but it was widely mis-sold once the banks discovered how much money could be made from it.
Making a PPI claim means making a complaint to the bank about how you were mis-sold the insurance. Given the number of cold calls and unreputable companies trying to take people’s money, you’d be forgiven for thinking it’s a scam. However, it is not. Making a PPI claim to your bank is legitimate, whether you do it yourself or use a reputable PPI claims company to do it on your behalf, and you really could be due a large sum of money.
2. £1,700 is the average PPI claim payout
According to the Financial Conduct Authority (FCA), the average PPI claim amount is £1,700. This amount of money has helped thousands of consumers to help pay off their debts, put money towards savings or treat themselves to a holiday.
3. 64 million PPI policies were sold
It is estimated that 64 million PPI policies were sold in the UK, which equates to more than one per adult. Millions of these policies were mis-sold and, as such, millions of people have been making claims to their bank for over a decade. You could be next.
4. Nearly £32 billion has already been paid to customers
Since 2011, nearly £32 billion has been paid to customers for mis-sold PPI, with billions more collectively set aside to cover an expected influx of claims as the deadline approaches. Lloyds Banking Group has set aside £20 billion for the mis-selling scandal and is receiving 13,000 claims per week regarding PPI.
5. You need to claim before 29th August 2019
The FCA has imposed a deadline for all consumers to make a PPI claim to their bank. The aim of the deadline is to encourage people who have not yet made a claim to do so. This means that the banks can finally move on and stop setting aside money to compensate customers.
So are PPI claims safe? Yes, and you should start your claim soon to make sure that you receive your money before the impending deadline. You can make a claim yourself for free or use a reputable claims management company, such as Canary Claims, to make a claim on your behalf.
Canary Claims is the best PPI claims company and has been operating since 2005. With a track record of successful claims and a fee of only 15% + VAT (18% total) on successful claims, you can feel safe that we will confidently handle your case to get you the result you deserve. Contact us today to start your PPI claim.