Whether you love it or hate it, Christmas is coming! With any luck, you started saving a few months ago. But, if you’re looking to gain even more cash before 25th December, there might be one way you haven’t thought of yet.
Making a PPI Claim
You’ve probably heard about making a PPI claim. In fact, you’re probably tired of hearing about it from Arnold Schwarzenegger’s robotic head. As much as you might be fed up, the deadline is coming. The Financial Conduct Authority has set 29th August 2019 as the official cut off date for consumers to contact their bank.
Although it may seem like a long way off, the banks are likely to receive more cases in 2019 as the deadline gets nearer. If you submit your claim now, you don’t need to worry about it.
If you’re super quick, you might even receive an outcome before Christmas, resulting in some extra cash during the expensive month. If the claim isn’t processed before Christmas, it could still mean an extra bit of money in January, which is often a difficult month after Christmas spending.
To date, over £32 billion has been repaid to customers. Some claimants have received thousands of pounds from the bank because they had PPI policies on multiple products. Could you be one of these people?
Many people are unaware that they ever had PPI due to bold mis-selling tactics. This included telling people it was compulsory or claiming that it would improve a credit score. Neither of these reasons is true. In other cases, the terms and conditions were not fully explained, allowing for customers to buy it who could never claim on the insurance, making it worthless. If you’re unsure about whether you had PPI, it’s always worth checking.
How to Start Your Claim Today
There are two ways to make a claim, one is to do the whole process yourself, and the other is to use the services of a reputable, no win, no fee, PPI claims company.
To make a claim yourself, the first step is to find evidence of mis-sold PPI. This can be done by locating old paperwork from previous mortgages, loans or credit cards. Payment Protection Insurance (PPI) might be listed on the paperwork. But, be aware that it could be listed under another name, such as Accident, Sickness and Unemployment cover (ASU), loan care, or another variant.
If you no longer have the paperwork or statements, you can contact the bank as it might still have a record of the account and if PPI was purchased. If it was, it should send you the relevant details. Once you have this information, you can then make a PPI claim to the bank, stating how the PPI was mis-sold and ask for a refund.
The alternative way to make a claim is to use the services of a PPI claims company. They can investigate old accounts and try to find any evidence of PPI policies. With some basic information, such as full name and address, a reputable company can work to find the information needed to make the claim on your behalf and handle all communication with the bank. You’ll receive updates throughout the claims process and not have to worry about a thing. If the claim is successful, the company will take a small cut of the refund.
Regulations introduced in July state that companies cannot charge more than 24% (inclusive of VAT). All companies must operate on a no win, no fee basis — this means you should never pay money upfront. Some companies charge below 24% but are highly reputable and trustworthy.
Whichever method you use to claim PPI, it’s advisable to start as soon as possible. That extra cash boost before Christmas can be a great benefit or a welcome sum of money for the start of 2019.
This is a collaborative guest post.
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