The deadline to submit a claim for mis-sold PPI is 10 weeks away, on August 29, 2019. This means that there is still time for those who think they may have been mis-sold PPI to submit a claim. Ahead of the impending deadline, a Which? survey of more than 2,000 people has shed some light on the amount of people entering a claim. It revealed that of those asked, one in five people (19 per cent) have made one or more successful PPI claims, while one in eight (12 per cent) have had at least one claim rejected.
Which? also looked into potential misconceptions in relation to PPI claims.
In fact, almost nine in 10 people (86 per cent) said that they did not know or were mistaken about the fact that it is not necessary to complete all of the forms which may be sent by the bank or provider in response to an initial claim.
While banks may send long forms requesting lots of information, claimants are not required to fill out the entirety of the form in order for their claim to be progressed, Which? explain.
“If your provider sends you long forms to fill out, fill in as much as you can remember and send it back – you don’t have to complete the whole form to progress your claim,” the Which? website states.
The survey also showed that eight in 10 people (81 per cent) either did not know or thought it was true that banks will automatically check all products, if a claim for PPI compensation is made for a specific product.
What’s more, only a quarter of participants in the survey (17 per cent) said that they were aware that claimants may be entitled to claim back the tax on successful PPI claims.
Eleanor Snow, Which? Consumer Rights Editor said: “The deadline for claims is rapidly approaching but our research shows that there is still a lot of confusion about the process that might be putting people off.
“Banks have set aside billions of pounds for potential compensation so we urge anyone who thinks they might have been mis-sold PPI to make a general claim, which can be done for free using an online tool.
“Even if you have previously had a claim declined it’s still worth asking your bank to check all of your products as you may still be owed compensation.”
New figures from the watchdog show that in April 2019, £334.3 million was paid to customers who complained about the way they were sold PPI.
This brings the total amount of compensation paid since January 2011 to £35.3 billion.
Emma Stranack, FCA’s PPI Deadline Campaign Lead, said: “With just over 10 weeks to go, time is running out to claim back money for PPI.
“Simply put, if you haven’t complained to your provider by August 29, 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible.
“Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses.
“Search FCA PPI or call 0800 101 88 00 to find out how.”
Personal finance expert and consumer champion, Sarah Pennells reiterated the need to make a decision about whether to submit a claim.
She said: “The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible.
“You can complain to them directly for free and you can use the FCA’s website for more information.”
Ms Pennells added: “You don’t have to use a claims management company as providers are supposed to make sure that complaining about PPI is straightforward.”
The Money Advice Service website guides members of the public through the process of claiming back mis-sold PPI.
This article was first published on Wednesday, June 20, 2019.