The financial world is constantly evolving. If you keep track of the industry, you’ve probably read up on things like the arrival of Private Finance Initiatives, and the growth of technology in the banking space. One relatively old issue that’s getting additional attention in recent months, is the importance of PPI, and how you can claim money back if you haven’t already done so.

Financial authorities are reminding consumers around the world that there’s only a year or so left to claim the windfalls of potentially mis-sold PPI, or payment protection insurance. The insurance made the headlines a few years ago after the finance industry revealed that PPI was mis-sold to thousands of customers who would never have thought to claim back the money they deserved without help. Many customers had no idea that they were being sold PPI in the first place.

How do you know if you’ve been mis-sold PPI?

The FCA in the UK has urged citizens to reconsider their approach to PPI claims as the deadline looms closer, stating that many consumers automatically had PPI included in their loans. While you’ve probably been contacted by the occasional claims company looking to help you claim your PPI over the phone, you may have ignored those calls up to this point. If you haven’t considered your eligibility before, remember that examples of mis-sold PPI include:

  • Instances where you weren’t informed that PPI was added to a loan
  • Instances where you were self-employed or retired when you took out the policy
  • Not being fully informed of what the policy covered

Claiming PPI

If you’re wondering how to claim PPI, the good news is that the system is simpler than you’d think. There are plenty of companies online that can help you find out whether you were mis-sold PPI and what you need to do to get the money that you deserve back in your bank account, is one of these companies who offer a no win no fee service that will compete with all others.

You’ll need to make sure that you have your contact details and information available to access when you’re discussing your situation. However, it’s worth noting that you can claim for loans sold to you as far back as the 1990s – as that’s when credit companies began to use PPI in the first place.

What if you’ve already claimed?

If you’ve already attempted to claim for PPI but your bank told you that you weren’t eligible, that might not mean that you’re out of options. According to some experts in the financial sector, it’s common for banks to claim that a loan wasn’t sold with PPI when it actually was. That doesn’t mean that banks are necessarily misleading customers. Rather some banks don’t have the most accurate records available to them unless they do some serious digging.

On top of that, the recent “Plevin” ruling means that more people will be able to claim than before. That is due to a supreme court ruling in favour of a woman (Miss Plevin) who, the court ruled, was treated unfairly by her lender.


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