THE PPI DEADLINE IS THIS THURSDAY, AUGUST 29 – DO NOT IGNORE IT.
And yes, I am shouting. I’d shout from the rooftops if I could.
If you’ve ever had a credit card, mortgage, loan, overdraft, catalogue debt, car finance or a store card, urgently check (and check again) if you had PPI.
Don’t think ‘I know I didn’t’ – they may have snuck it on even if you said no. It’s worth your time – the average payout is £3,000. You only have four days left.
I’ve developed an emergency toolkit to ensure that if you’re due money, and haven’t done anything yet, at least you can stop the door being slammed shut.
And don’t take my word for it – here are just some of the messages I’ve received about PPI…
Dan emailed: “I was successful in claiming PPI on a 29-year-old Halifax loan. Used your tool and today I got a £2,458.59 cheque. All very smooth.
“I thought it might be too old but gave it a go. Thanks.”
And Cath tweeted: “@MartinSLewis after months of you nagging me to claim PPI, I found an old car loan, just reclaimed £2k! Thanks so much, I wouldn’t have bothered if it wasn’t for you.”
The biggest-ever reclaim that got in touch was for £247,000. Importantly, all were done for free, rather than unnecessarily paying a claim firm 20–30% (£74,000 of that biggest claim). So here’s a PPI beginners Q&A…
Is ppi what happens when you change a little boy’s nappy? Yes, but don’t think about that for too long. It also stands for Payment Protection Insurance.
A policy sold alongside debt, meant to cover repayments if you lost your job or got sick. In itself it’s not a bad concept. Yet banks or building societies selling PPI often forced or snuck it on customers.
It was also outrageously overpriced, often only paying out for at most a year, which could’ve meant the maximum possible payout was less than the policy cost.
OK, I know this is about mis-selling, but what counts? Banks sometimes scripted staff to hard-sell these policies when someone took out debt.
The mis-selling was often systemic – done by default, without checking the policies were appropriate. Common mis-selling
types include being…
- Lied to that you had to have it (it was never compulsory).
- Given it without your permission.
- Lied to that it’d get you a cheaper deal.
- Given it when it was inappropriate, such as unemployment cover for the self-employed or not being asked about pre-existing conditions that invalidated it.
Should I use a claims management firm? For the vast majority, no, as DIY claims are easy and free, while claim firms cost 20% + VAT. Some firms do not do much more than get you to fill in a form similar to doing it directly anyway.
My detailed free reclaiming guide at mse.me/ppi will answer questions like “What to do if you don’t have the paperwork”.
And these days, instead of my template letters (of which six million have been downloaded), there’s a free tool that takes you through the process.
There’s also good help online at which.co.uk, and if you’re confused or stuck, the regulator the FCA has a free helpline on 0800 101 8800.