Payment Protection Insurance is the gift that keeps on giving. Hundreds of thousands of new claimants will soon join the queue for PPI compensation if the financial regulator gets its way.
It is estimated that between 45m and 60m PPI policies were sold over the past 30 years — during which there have been a staggering 18.4m complaints.
By the end of March 2017, banks and finance companies had paid out more than £26bn in compensation. Now the Financial Conduct Authority is set to launch a campaign to encourage those people who are “unsure” whether they had PPI insurance to make a claim before the official deadline in August 2019.
So could you have unwittingly been mis-sold one? It is hard to understand how anyone can be unsure about whether or not they had this expensive cover for repayments on loans, mortgages or credit cards in case income was lost through illness or unemployment. But you may have been unaware that the policy was hidden inside the product you bought.
Many of our clients had taken out a loan for a car, to pay off debts, or to go on. Many of these loans were taken out over 20 years ago. It doesn’t matter if your lender was a respectable high street bank — at the time, they all had a considerable form for PPI.
We aim to get back all your premiums and 8 per cent interest, dating back to when the policy was sold. Over 10 or 20 years, this really adds up.
It doesn’t matter if you cannot locate any paperwork, we can do this for you as part of the claim.
To see if you have an eligible claim, call us on 01202 835111.