PPI Reclaiming Deadline
The deadline for reclaiming Payment Protection Insurance or PPI as it is more commonly referred to is 29 August 2019. There are plans for a large scale advertising and awareness campaign to ensure people know, but it’s worth doing it as soon as possible to get ahead of the queue that will inevitably form as the deadline looms.
Your claim must be received by the company you are complaining to on or by 29 August 2019.
If you have ever taken out a loan, credit or store card, catalogue account, overdraft or car finance, it is worth checking to see if you were sold PPI.
Payment Protection Insurance (PPI) was designed to cover your loan, card or overdraft in the event of an accident, sickness or in some cases unemployment. The issue arose because some people have been missold it by sales staff put under massive pressure to sell it. In some cases, people didn’t even realise they were paying for it, which has resulted in many having no clue how much they are owed back. As we’ve seen in some heavily publicised cases, this could be a considerable amount.
To check whether you took out PPI try finding old statements and check for mention of an insurance fee or product to cover your payments. It might be called ‘payment cover’, ‘protection plan’, ‘ASU’, ‘loan payment protection’, ‘loan care’ or similar. If you don’t have any paperwork you can check your credit record.
Thanks to the Pelvin ruling, even if you’ve had a claim rejected in the past you can reclaim for compensation. The Pelvin rules mean if over 50% of your PPI’s cost went as commission to the lender, and that wasn’t explained to you, you are due back the extra above that. Your PPI had to still be active at some point since 2008 for this ruling to be applied. You can put in a Pelvin complaint now. Websites like Money Saving Expert as producing letter templates you can use.
Even if your lender/broker no longer exists or has been taken over you can still reclaim PPI. If it’s a take-over you can approach the new company, as in most cases they are liable for past debt. If the company has gone bust, go to the Financial Service Compensation Scheme.
You can also claim on behalf of a deceased relative. Any monies owed become part of their estate, so the person who inherits is entitled to reclaim.
At TFS we offer have never offered PPI as part of our Guarantor Loans.
We offer Guarantor Loans for a range of purposes including Guarantor Loans for large purchases like cars, home improvements, weddings and other events, debt consolidation and for start-up/small businesses.