From 1990 until 2010, 64 million payment protection insurance (PPI) policies were sold by banks and financial institutions on loans, mortgages, and credit cards. Often these policies were sold without the knowledge of the customer.
PPI is an insurance taken out by a customer in case you lost your job or became ill and were unable to repay the borrowings. The insurance was often sold with minimal or no financial advice and therefore not compliant with FSA (now the FCA) regulations. Once the existence of these policies came to light, customers sold PPI have had recourse to reclaim all payments made to the policies, together with interest, and it has been an ongoing scandal in the financial sector.
Following a Supreme Court judgment in November 2014 (known as the ‘Plevin ruling’) the definition of mis-selling was expanded. You can now claim if your provider earned a high level of commission from your PPI and this wasn’t made clear – millions more may be able to claim as a result.
Thanks to ongoing bank lobbying, who have been keen to put a limit on the money set aside for their past misdeeds, the FCA has issued a claims deadline of 29th August 2019.
You don’t need a solicitor or claims management company to reclaim your PPI and many (particularly claims management companies) may charge extortionate rates to do. Do it yourself. It’s a simple form and to complete it a claims company or solicitor will need to ask you for the answers anyway.
So what are you waiting for? For a comprehensive guide, I’d recommend the consumer champion Martin Lewis here. Don’t be put off by saying “I’m not someone who makes claims”. This is money wrongly charged to you, and you are due it back.
Nothing on this site should ever be considered to be legal advice or research but if you do wish to receive advice on any of the content discussed please contact us on028 3752 5400 and we will be happy to help you. Please note that whilst we will aim to provide accurate information the world changes at a fast pace so always follow up with your solicitor to ensure you are fully up to date with same. For complete Terms and Conditions please see the relevant section of our website.