Your Guide to Reclaiming PPI – You have until August 2019

You’ve almost certainly seen ‘PPI’ mentioned in the press and online. It’s a term often used by companies looking to entice consumers in with the promise of free money. However, it’s not always as straightforward as it seems and you can often end up losing a large chunk of money receive for a successful claim. What is PPI? You could have been sold PPI (Payment Protection Insurance) when you took out a credit card or a loan. It’s a type of insurance that was designed to provide consumers with cover for making payments on the loan or credit card if they fall ill or are unable to pay for another reason. However, because this insurance was mis-sold to so many people it has become the subject of multiple compensation claims. You may not even realise that you were paying PPI and because of that there could be years of payments due, which could result in a fairly sizeable compensation payment. How much PPI is really unclaimed? Since 2011, banks have now paid out more than £23 bi

How to check for mis-sold PPI and your compensation

The industry around reclaiming mis-sold PPI (Payment Protection Insurance) is big business. Hundreds of claims firms continue to bombard consumers with unsolicited texts, emails and social media messages urging them to get in touch to reclaim the thousands of pounds they are supposedly owed by the banks and other financial organisations. It is perfectly possible that you could have a legitimate claim to make, but you don t have to use a costly claim firm to do it. Banks have already paid out more than £24 billion in PPI compensations since 2011 and, according to figures from the Financial Conduct Authority (FCA) may still face another £22 billion in valid claims. How do I know if I’m entitled to compensation? The only way of knowing for sure if you were mis-sold PPI at some point in the past is to go through your past statements and other paperwork to see if these charges were attached. Remember, though, that this might not have been listed as PPI – it might have gone under othe