It’s likely that you’ve heard about the mis-sold PPI scandal. You’ve probably seen the adverts on television for PPI companies and even received text messages and phone calls saying you could be entitled.
However, you may not have heard that earlier this year, the Financial Conduct Authority announced a deadline for claiming back mis-sold PPI: 29th August 2019. The date seems very far away, but it will no doubt come around soon and some people still won’t have reclaimed their money. You need plenty of time to find the best PPI company or get the forms together to organise reclaiming by yourself. But why act now?
The Banks are Still Putting Money Aside for Mis-Sold PPI
The banks have already paid over £23 billion for mis-sold PPI payments. However, it’s not stopping there. The banks are still preparing to pay out even more. Another £22 billion is estimated to be needed to cover all the mis-sold PPI. If the banks are still putting money aside to repay people, it means there is still plenty of consumers out there who haven’t claimed.
The Money Claimed Can Help With Debt
While figures vary dramatically on how much people have managed to claim back, it can be up to four or even five figures. This can help massively to reduce debt. If you really need some extra money, there is no harm in checking over previous credit cards or loans you’ve taken out and checking for mis-sold PPI.
Money from mis-sold PPI has helped so many people out of debt or allowed them an extra holiday or money for the home. It’s better to be owed a small amount than none at all.
The Best PPI Companies Work on a No Win, No Fee Basis
If you’re still hesitant about claiming, remember that it costs very little to make a claim. If you do it yourself, you only need to spend a small amount of money on printing forms or sending things off.
If you decide to use a PPI claims company to help get your money back, many reputable companies offer a PPI claim with no win, no fee. Always check the terms and conditions, but if you aren’t owed any money, you won’t have to pay any fees or service charges.
Making a Claim Can Take Time
August 2019 is over two years away, but making a claim can take time. Making a claim and receiving payments generally takes up to four months, but if you don’t have all of your paperwork, it’s likely to take longer. If your case is referred to the financial ombudsman, it could take up to two years, meaning it’s time to start now!
It’s Very Simple to Make a Claim
Nobody really likes dealing with banks or creditors. It’s certainly not something we look forward to doing on a weekend. However, it really is very simple to make a claim. You are able to claim back mis-sold PPI yourself, but if you do want somebody else to handle communication and help you, then you can seek a PPI company. Of course, there are so many companies and finding a trustworthy one who won’t take too much of what you are owed is essential. Look around for the best PPI company and always check the testimonials to see what people say and how smooth the process was. If you’re busy and want somebody else to handle it, using a PPI company is the best option.