For some, it might be too early to mention the ‘C’ word, but we’re going to say it anyway… Christmas is coming! You might have noticed cards and gifts creeping into shops as the countdown begins.
There is another countdown currently going on as well — the countdown to the PPI deadline. Arnold Schwarzenegger’s robotic head can be found across the UK telling us to make a PPI claim. This is because the Financial Conduct Authority (FCA) has set 29th August 2019 as the final cut-off date to contact your bank regarding a mis-sold PPI claim.
While you’re busy thinking about Christmas, the thought of making a PPI claim is likely to be at the back of your mind. But now is the time you should be thinking about it! Here’s why:
There will be a surge in 2019
As the deadline gets closer, it’s likely that the number of claims made will increase. This influx could cause a delay with PPI claims companies and at the bank. If you start now, you won’t get caught in the surge and will receive your money sooner.
The money is great for Christmas and New Year
From start to finish, a PPI claim can take a number of months to be resolved. However, if you start now, you/ might be lucky enough to receive a result in time for Christmas and the New Year. Christmas is a busy and expensive time of year for everyone, and the money would go a long way for many families. If your claim isn’t resolved until 2019, it could be a great way to start saving for Christmas next year.
64 million PPI Policies were sold
A staggering 64 million PPI policies were sold in the UK — that means more than one per person. Many individuals have found evidence of PPI on more than one policy, totalling a very large sum from lenders. The average PPI refund is £1,700 — not a small sum by any means
You can complain about the commission
If you made a claim previously and it was rejected or you were aware that you bought PPI, you might still be able to make a claim, thanks to the Plevin rule. This means you can claim if the PPI policy had high levels of commission and you were not made aware of it at the time of purchase.
You might be unaware you ever had PPI
Thousands of consumers were unaware that they even bought PPI. Banks and lenders automatically added it to products including credit cards, loans and mortgages. It’s not until individuals found the paperwork or asked a PPI claims company to investigate that they realised they were paying for PPI.
How to reclaim PPI
If you’re keen to reclaim PPI before Christmas, you’ll need to do one of two things. You could spend some time trying to find your old financial paperwork, which may contain evidence of PPI, and contact the bank to make a claim. Alternatively, you can contact a reputable PPI claims company do the work for you. A company can uncover evidence of mis-sold PPI and make the claim on your behalf. This is an ideal option for those who are busy or don’t want the hassle of chasing up the bank.
When working with a claims company, always read the terms and conditions and find out how much it will charge. The best companies charge less than 20%.
As mentioned, a claim can take a number of months to be resolved. But having some extra cash in time for Christmas — or to bring in the New Year — would benefit many families.
The sooner you start the process, the sooner you will able to find out if you are eligible for a refund.
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