Both Barclays and Lloyds have announced that they’ve set aside a further £700m for paying out for mis-sold PPI claims. So are you sure you aren’t still owed money for mis-sold PPI?
By now you’re probably sick of hearing about Payment Protection Insurance (PPI). In fact, you may think that pretty much everyone who ever had one of these products sold to them with a loan has claimed back their loss.
But with the likes of Barclays and Lloyds ring-fencing a further £700m for this financial year to deal with PPI claims, it’s clear that there’s still a lot of people out there who haven’t claimed back their mis-sold PPI.
Claiming for PPI
Recently, we delved into the PPI claiming process and found that one in three people who’ve had a relevant financial product thought it would be very difficult to check if they had been sold PPI in the first place. It seems that those who may have grounds to claim are put off by the prospect of complicated and lengthy paperwork.
We also found that more people thought it would be easier to claim PPI compensation through a claims-management company (CMC) than directly from their bank.
Because we want everyone who was mis-sold a PPI policy to be compensated, we’ve created a new free tool to simplify the process. It also means that you keep 100% of the compensation instead of sharing up to a third of it with a CMC!
Our tool has already helped people to claim nearly £500,000 in PPI compensation. The average payout for successful claimants using our tool is £5,371, and the largest single payout was £50,006.94, which was initially refused by Santander but overturned by the Financial Ombudsman Service.
The major banks and building societies now signed up to our tool include Barclays, Santander, HSBC (M&S Bank, First Direct, John Lewis, HSBC), RBS (Natwest, Ulster Bank), Lloyds Banking Group (Halifax, Bank of Scotland) and Nationwide. We’re calling on all banks to sign up to our tool and for the regulator to make these free-to-use tools a more central part of its communications campaign.
Time is seriously running out. There are two years left on the clock to get your claim in after the Financial Conduct Authority announced a deadline of 29 August 2019. The banks have already paid out vast sums of money, but there are still substantial sums set aside for outstanding claims.
Also, thanks to a Supreme Court ruling in Plevin vs Paragon Personal Finance Ltd, if you’ve previously had a claim rejected then you could put a new complaint in for undisclosed high commission.
Have you claimed for mis-sold PPI? Did you claim yourself or did you get a CMC to do it for you? How did you find the process?